Sri Lanka: Central Bank’s Self-Serving Agenda

In a nation grappling with economic hardship, extravagant pay hikes for Central Bank officials are nothing short of insulting to ordinary citizens.

2 mins read
Front view of the Central Bank of Sri Lanka [ Photo: Sri Lanka Guardian]

Editorial

In the midst of our nation’s turmoil, the Central Bank of Sri Lanka, entrusted with safeguarding the financial well-being of the populace, stands accused of advancing its own interests under the guise of public service. Recent revelations surrounding the Central Bank’s actions, particularly concerning salary revisions and institutional integrity, demand a critical examination of its true motives.

Efforts by the Central Bank to deflect scrutiny through a press release issued by the Central Bank Executive Officers’ Union (CBEOU) reek of desperation to legitimize their actions. Let us dissect their claims and expose the unsettling reality beneath their facade of professionalism. This is not merely about agreements on paper; it’s about the moral responsibility and ethical conduct of a nation on the brink of bankruptcy. The Central Bank bears partial responsibility for the economic crisis plaguing our country today. Where were these so-called Union members when the system was being devoured by corruption?

Firstly, the notion of the Central Bank as an independent institution making decisions in the best interest of the nation is ludicrous in light of mounting evidence suggesting otherwise. The lack of transparency surrounding the salary revision process, combined with the absence of employee representation in decision-making bodies, raises serious concerns about accountability.

Furthermore, the assertion that inflated salaries within the Central Bank are warranted due to the specialized nature of the work is a thinly veiled excuse for excessive compensation. While attracting top talent is crucial, it should not justify unchecked greed at the expense of public funds.

The claim that the salary revision resulted from exhaustive negotiations among all parties rings hollow given the glaring power imbalances at play. In a nation grappling with economic hardship, extravagant pay hikes for Central Bank officials are nothing short of insulting to ordinary citizens.

Moreover, portraying Central Bank professionals as victims of limited private practice opportunities is disingenuous. Serving in a prestigious institution like the Central Bank should be seen as a public trust, not an avenue for personal enrichment.

The narrative of brain drain and threats to institutional activities conveniently deflect attention from underlying governance and accountability issues. Instead of genuine reform, the Central Bank resorts to smoke and mirrors to mask its failings.

Recent revelations expose a troubling pattern of self-interest cloaked as public service within the Central Bank of Sri Lanka. It is imperative for all stakeholders, including citizens, policymakers, and civil society, to hold the institution accountable and demand meaningful reform. Only through unwavering vigilance can we ensure that our financial institutions serve the greater good rather than the narrow interests of a privileged few.

The bottom line is this: those in higher government positions, who benefited from free education in Sri Lanka, are now hijacking the country, demanding to drain its resources or threatening to seek greener pastures abroad. Many of these self-proclaimed patriots turn their backs on the very motherland that nurtured them. Is there any distinction between parasitic politicians and these state workers with their selfish ambitions? It’s ironic how a man hailed as the nation’s saviour, returning from Australia, now reveals his true colours. To him and others like him, we say, “Thank you, but you too are another Et tu Brute.” Is there anything else we need to detect the curse?

Sri Lanka Guardian

The Sri Lanka Guardian is an online web portal founded in August 2007 by a group of concerned Sri Lankan citizens including journalists, activists, academics and retired civil servants. We are independent and non-profit. Email: editor@slguardian.org

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