Mahinda Siriwardena’s farewell note to fellow central bankers ending 33-year career

K.M. Mahinda Siriwardana on Friday formally retired from the Central Bank of Sri Lanka after a distinguished career spanning 33 years. At the time of his retirement, Siriwardena was the Deputy Governor of CBSL. His service as the Secretary to the Treasury and Ministry of Finance, Economic Stabilisation and National Policies has been extended by another year by President Ranil Wickremesinghe. 

Siriwardena holds a Master of Arts (MA) Degree in Economics and a Postgraduate Diploma in Economic Development from the Vanderbilt University, USA and a Bachelor of Arts (BA) (Special) Degree in Economics from the University of Kelaniya. 

Following is the farewell letter of Siriwardena to his fellow central bankers.

I still remember the day I joined the CBSL, 1 April 1991. After the highly competitive examination, I was informed by a telegram to come and accept a position of a staff officer at the CBSL. Since then, I served 33 years and 25 days as a central banker.

As a young staff officer, I was able to get experience in many aspects of economic management. The hands-on experience I got at the CBSL over the years was instrumental in my subsequent engagements in various positions of responsibility. However, my life at the CBSL was never easy. I particularly remember the internal and external pressures, stress and some unfair treatment that I went through at the CBSL from early 2020 in the run up to the deep, unprecedented and most complex economic crisis in Sri Lanka’s post-independence history. I also remember some harsh criticisms that I got from some segments in the CBSL on the subsequent corrective measures implemented to overcome this complex economic crisis. I believe time will decide on the appropriateness of such policies. 

A key lesson that I learnt from these episodes is the importance of not being guided by ego, arrogance, and dogmatic ideology. I would like to request my fellow CBSL colleagues to learn from the past mistakes and not to allow the same mistakes to be repeated, going forward.

As many of you are aware, I did not confine my service only to the CBSL but I got the opportunity to move out and serve at the General Treasury/Ministry of Finance and the International Monetary Fund (IMF). These professional engagements outside the CBSL gave me an important and rare opportunity to see the world, and improve my exposure and understanding of many aspects, particularly of macroeconomic management.

My professional life was a long and tough journey for someone who came from a very remote area like Hawa Eliya in Nuwara Eliya. It also reflects the long way you all can go with of course professionalism, dedication, and hard work. So, I wish to encourage you also to take on challenges and if the opportunity arises to move out from the CBSL for a while to gain broader experience.

I am sure, you will be a different and more confident person once you come back to the CBSL and continue to serve this institution enriched with such experience.

At the CBSL, you may be involved in sophisticated models, analytical presentations, and complex discussions, etc., all of which are very important. But, don’t forget the fact that whatever we do should ultimately benefit the people, particularly the poorest segments in the society; the people who do not have a voice. Here, I remember something that I used to say; “If we can uplift the life of a person in a faraway village (through various policy actions), that should be to our satisfaction.” Because, as we learnt from the ongoing crisis, the policies and decisions that are proposed and implemented are for the people of Sri Lanka and those measures affect the lives of the entire 22 million people in the country.

Finally, I take this opportunity to thank the great institution called the “Central Bank of Sri Lanka” for providing me with the prestigious opportunity of serving there, allowing me to gain a wide range of training and exposure in many aspects, locally and internationally, and shaping my professional career to reach where I am today. I also like to thank my seniors, colleagues and others who helped me to get diverse experiences and exposure in many areas, and continue my service at the CBSL. In particular, I thank those who were with me when I was in difficult situations. I hope to stay in touch with all of you and I wish you all the very best on your continuing professional and personal journeys.

“Difficult roads lead to beautiful destinations….” Good-bye….!!!!