CB misappropriates Rs. 235 bn of profit - A daylight scandal on public property?
The Central Bank (CB) has released its Annual Report over the bankrupt economy in 2022. Unlike in the recent past, there was no photo shoot of presenting it to the Minister released to the media with a note of highlights. As such, the Monetary Board seems to have covered up its shame of driving the economy into bankruptcy while sleeping on the Monetary Law Act (MLA) by releasing the annual report covertly. As usual, this annual report is also just a report over the economy in 2020. Therefore, it is not a report of the Monetary Board as required in the MLA on the condition of the CB and a review of the policies and measures adopted by the Monetary Board in the economic context in 2022. This article only highlights how the Monetary Board has hidden the profit on money printing by not transferring the profit to the government as required in the MLA. MLA Requirement on Profit Distribution The Part IV of the MLA sets out the procedure for calculation and distribution of the CB's profi...