Home » CBSL addresses controversy surrounding salary revision in statement, emphasises autonomy and national mandate

CBSL addresses controversy surrounding salary revision in statement, emphasises autonomy and national mandate

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March 24, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) released a statement on Saturday (23) addressing the recent discussions surrounding a salary revision for its senior management and professionals, which has garnered public attention and sparked controversy.

According to the statement, the salary adjustment for the period 2024-2026 was the outcome of a collective agreement reached between the CBSL Governing Board and employee representatives.

This decision, made independently prior to any recommendations from the Committee on Public Finance (COPF), was communicated to the COPF on March 16, 2024.

In response to the situation, the Chairman of the COPF has advised that an independent committee review the collective agreement to increase salaries for CBSL staff, proposing revisions across all employee categories within the institution.

Emphasising its autonomous role as the apex financial institution in Sri Lanka, the CBSL operates under the powers vested in it, first established under the Monetary Law Act, No. 58 of 1949 and now governed by the CBSL Act, No. 16 of 2023.

Furthermore, the CBSL underscores its responsibility in achieving and maintaining domestic price stability and ensuring the stability of the country’s financial system.

To fulfill this crucial national mandate, the CBSL relies on its experienced and professional staff.

The recent salary adjustment was aimed at retaining this experienced workforce to enable the institution to operate effectively and fulfill its responsibilities to the nation.

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