Japanese experts help Sri Lanka update monetary laws

ECONOMYNEXT- Sri Lanka has received Japanese legal expertise to review and amend laws relating to monetary policy, Central Bank Governor Indrajit Coomaraswamy said.

"The International Monetary Fund has given us two lawyers from the Bank of Japan to review the Monetary Law Act," Governor Indrajit Coomaraswamy said.

Inflation will be the main goal of the central bank under a flexible inflation targeting policy.

He said the amendments will clearly outline the responsibilities and powers of the Central Bank when dealing with monetary policy.

"These legislative amendments will not only enhance the mandate but boost autonomy, transparency and accountability," he said.

The amendment and review process is now nearing the end, he said.

Draft changes to the monetary law will be presented to the cabinet and parliament in 2019, he said.

Other laws, including the Banking Act and legislation related to the financial sector are also being amended, Coomaraswamy said. (Colombo/Jan01/2019)

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