By Rathindra Kuruwita

President Maithripala Sirisena has removed the Central Bank and the Securities and Exchange Commission from Prime Minister Ranil Wickremesinghe’s purview. A gazette extraordinary announcing the Presidents decision was issued yesterday, a week before the no-confidence motion against Wickremesinghe is to be taken up. The two institutions have been brought under the Ministry of Finance.

Besides, President Sirisena has put on hold some draft bills, proposed amendments, resolutions, orders etc, which Prime Minister Wickremesinghe was to present to Parliament, in his capacity as the Minister of National Policies & Economic Affairs. The amendments were to be moved to the Monetary Law Act, No. 58 of 1949, Public Utilities Commission of Sri Lanka Act, No. 35 of 2002, Exchange Control Act, No. 24 of 195, Securities and Exchange Commission of Sri Lanka Act, No. 36 of 1987, National Youth Service Council Act, No. 69 of 1979, Youth Corps Act, No. 21 of 2002, Children and Young Persons Ordinance, No. 48 of 1939 and National Insurance Trust Fund Act, No. 28 of 2006.

However, several institutions, Department of Food Commissioner, Insurance Corporation of Sri Lanka and its subsidiaries and associated companies excluding Litro Gas Lanka Ltd, have been brought under Wickremesinghe.

Ministry of Finance is now in charge of formulation of monetary policies and macro-economic management in coordination with the CB and monitoring revenue collection and expenditure.

On Tuesday, some civil society organisations like the Campaign for Free and Fair Elections (CaFFE) and Centre for Human Rights (CHR) requested the President to bring the Central Bank under the Finance Ministry, given Prime Minister Ranil Wickremesinghe’s alleged involvement in the Treasury Bond scams.

The President’s move has raised concerns among UNP members of the Cabinet and it is expected to be discussed at the party’s Working Committee meeting to be held today.

Courtesy:The Island