Central Bank says highest amount of currency printed during last 2 years

Thursday, 04 May 2017 - 18:54

Deputy Governor of the Central Bank, Dr. Nandalal Weerasinghe testified before the Special Presidential commission on probing the controversial Central Bank bond issue today.

Dr. Weerasinghe stated that the highest amount of currency was printed in the last two years as a result of former governor Arjun Mahendran’s decision to purchase bonds through auction.

The deputy governor had been the head of market operations division on the day of the bond issue.

He testified that the former governor had instructed the commission to increase the interest rates on the particular day on which the controversial bonds were issued.

It was revealed before the Commission today that Arjuna Mahendran advised to remove the interest rates on bonds which would mature after 30 years.

The Deputy Governor also said that Arjuna Mahendran further advised to remove the special interest rate facility on the day the controversial bond issue was conducted.

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