Friday, July 1, 2022
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Central Bank has become a Pain for Businesses

The Central Bank of Sri Lanka has become a total pain and and impediment for; firstly, business survival and secondly for Business recovery.

Several business groups told LNW that a Deputy Governor Mrs Fernando and the Governor Weerasinghe are totally negative to any private sector suggested solutions. They have become like the Sri Lankan police service. They have no
sense of the magnitude of the problems faced by the small companies and individually owned businesses. Because they get their salary and perks, come what may and as a result they have no care attitude towards the public. Getting them to even smile is a Herculean task. At least that they must learn to SMILE since their salaries and perks are paid for by the tax payers of the country a
businessman noted.

One businessman told the writer that; why should the Governor (Benz S Class) and his deputies (Audi) be given such expensive cars etc when the Central Bank has firstly made the country Bankrupt and secondly has no foreign exchange to even pay for the petrol and gas. It is better to shut down the Central Bank down at least the country will be saved of Billions, until better times. During the East Asian financial Crisis. It was the Central Banks that were in the forefront raising funds through other Central Banks and helping businesses to recover. Instead our Central Bank wants businesses to shut down and start fresh again.

What about the millions employed and their livelihoods? The President who has no understanding of business or economy must at least now ask the Central Bank to give solutions like he shouted one year ago to the current Governor for not giving solutions to the economic problems. The so call central bank governing board is
packed with people way past their prime. Surely Sri Lanka has young capable people? If the current team of the Central Bank led by Weerasinghe that cannot even raise emergency foreign funds for the country or assist the private sector to recover is allowed continue without any supervision the Prime Minister and his so
called recovery plans will never see the light of day. Also the petrol queues will extend further and Gas will be a pipe dream.

Adolf

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