Central Bank justifies global awareness drive on SL

Thursday, 18 April 2013 01:07 - - {{hitsCtrl.values.hits}}

The Central Bank yesterday justified its new initiative to accurately portray Sri Lanka globally, especially in the US, given the economic importance.

In a statement, the CB said it has embarked on an extensive local and international awareness program to portray an accurate picture of the Sri Lankan economy.

“In the recent times, the Central Bank of Sri Lanka has observed an aggressive and well-funded misinformation campaign that is being carried out by various groups with dubious agendas, both locally and internationally, to tarnish the political image and true economic successes of Sri Lanka," CB said.

"The Central Bank also notes with concern that if such a campaign continues without a counter campaign to correct the misconceptions, it may have the potential to create a highly-detrimental image for Sri Lanka and erode the growing confidence of international investors in Sri Lanka,” the statement said.

“Since such an outcome would adversely affect the country’s economy and its economic and financial system stability, the Central Bank has embarked upon a robust local and international awareness program to refute such misinformation, and to provide the factual position of the economy and the political environment to all relevant stakeholders,” it added.

Towards that objective, the Central Bank has also secured the services of a competent international professional firm to assist in the effort to convey the true and factual position regarding Sri Lanka and its economy, particularly in the USA. Such an endeavour will be particularly significant, since the USA is a major market for Sri Lankan exports, while US investors have made substantial Foreign Direct Investment and are the leading holders of Sri Lankan bonds.

The Central Bank’s statement yesterday was an apparent response to UNP MP Harsha de Silva’s criticism via a press conference last Thursday on the monetary regulator’s role in undertaking such an exercise. See http://www.ft.lk/2013/04/12/unp-exposes-the-contravening-bank/.

The MP also alleged the Washington-based specialist firm picked for the job had made false declarations in its regulatory filings in the US. However, the Central Bank’s statement released yesterday hadn’t responded to those allegations.