He made this comment during the monetary policy review media briefing in Colombo this week. These revisions, part of a triennial collective agreement covering 2024-2026, sparked controversy due to concerns about the CB’s autonomy and the implications of recent legislative changes.

In February, the CB Governing Board was requested by the Finance Minister to brief Parliament on the rationale and process behind these salary hikes. CB officials were summoned on March 6 to Parliament to justify the significant salary increases, which have been criticised as illegal since they were implemented without prior Parliamentary approval.

The hikes result in an additional monthly expenditure of Rs. 232 million. On 1 April, the President appointed an Independent Remuneration Committee, chaired by Dinesh Weerakkody, to review the salary increases