The Sri Lanka Chamber of Commerce has called on the Central Bank Governor to align with the directives issued by the Deputy Minister of Finance. Speaking at a press briefing in Colombo, the Chamber’s Media Officer, Susantha Liyanarachchi, expressed frustration over the Governor’s approach to addressing the challenges faced by collapsing industries.
Liyanarachchi highlighted that while the Central Bank has issued circulars to reduce interest rates for struggling industries by 50% for six months, the rates for extended periods remain unreasonably high, with some reaching up to 20% for 60 months. This, he argued, is impractical for industries striving to recover.
The Deputy Minister of Finance has made it clear that the current measures are inadequate and outlined an alternative approach. He suggested that interest rates for these industries should either be eliminated entirely or that loans be converted into long-term schemes designed for genuine borrowers. The Minister also stressed that no action should be taken against cases already referred to court, emphasizing the importance of a practical and humane strategy.
Liyanarachchi criticized the Central Bank Governor for not prioritizing these directives, stating that such instructions were clear and straightforward. He added that this was not a matter of miscommunication but rather a failure to act decisively.
Concerns were also raised about the Governor’s dual citizenship status, with questions about his commitment to Sri Lanka’s financial recovery. Liyanarachchi warned that the Governor might leave for Australia during difficult times, leaving the government and citizens in a vulnerable position.
The Chamber emphasized the urgency of implementing solutions that address the needs of struggling industries, stabilize the economy, and protect local businesses from further collapse.
