Sri Lanka central bank-run fund’s investment debate

Aug 23, 2010 (LBO) – An interesting public debate has sprung between the Central Bank and an opposition parliamentarian on the suitability of Bank’s investing EPF moneys in the shares of commercial banks.

While the Central Bank is defending its action tooth and nail ( Accessed on 22.8.2010), the opposition is charging that the Bank’s action is both immoral and unethical ( Accessed on 22.8.2010).

There are already signs that the debate degenerating to personal levels creating an ˜ugly scene’ which the right minded public does not enjoy or expect from either party. This type of debates on national issues is necessary, useful and salutary and, therefore, should be welcome. But, resorting to personal vituperation, directly or indirectly, in a bid to win over the debate will not do any good to EPF members or the public at large.

The Writer’s Involvement in EPF

The writer was involved in assisting the Monetary Board of the Central Bank in EPF investments first as its Superintendent from February 1996 to May 2000 and then as the Chairman of the EPF Investment Committe