In a major development, Prime Minister Ranil Wickremesinghe, who is also Minister of Policy Planning and Economic Affairs, has taken the Central Bank and the Securities and Exchange Commission under him.
Traditionally these two institutions have come under the Ministry of Finance, a portfolio currently held by Ravi Karunanayake, who on Tuesday said regulatory bodies were being brought under the Prime Minister.
This explains why the Central Bank and the SEC as well as the Public Utilities Commission have been brought under Wickremesinghe’s other portfolio of Policy Plan-ning and Economic Affairs. As per the gazette dated 18 January, Wickremesinghe has got additional subjects Child, Youth and Cultural Affairs as well.
How will this contribute to the market?