Central Bank Chief talks roadmap over HSBC Global Markets Power Breakfast

Central Bank Governor Ajith Nivard Cabraal shared his views on the Central Bank’s Roadmap for 2011 ‘Monetary and Financial Sector Policies for 2011 and Beyond’ with over 180 corporate customers at the HSBC Global Markets Power Breakfast held at Waters Edge recently.

Ajith Nivard Cabraal addressing the HSBC Global Markets Power Breakfast

The Governor spoke at length on the Central Bank’s roadmap which was unveiled on 4 January and elaborated on key macro economic developments, financial systems and economic environment in 2010, macro economic outlook and monetary policy strategy, proposed financial system stability policies and policies to strengthen the economy in 2011 and beyond.

Sachith Perera, Head of HSBC Global Markets said, “Consistent with our support of financial and economic guidance in Sri Lanka, HSBC launched the Power Breakfast series five years ago to guide customers to make prudent financial decisions. We are delighted to have presented our customers with well rounded financial and economic overviews by notable speakers throughout the years and are extremely pleased with the enthusiastic response received to the programme this year.”

Some of the participants

Responding to a question from Nick Nicolaou, Chief Executive Officer, HSBC Sri Lanka and Maldives on whether the Central Bank has exchange rate targets for 2011, Cabraal explained: “No we don’t have any targets.”

He also went on to explain that the Central Bank would continue to follow a strategy where its decisions are based on market trends. “We will not allow it to be volatile but ensure that companies are able to make exchange rate decisions without any uncertainty in the market.”

The HSBC Power Breakfast hosted by the bank is one in a series of events organised by HSBC Global Markets to share HSBC’s views on the current/future global and local economic trends and its effect on Sri Lanka and its economy.

In the previous years, the bank has invited many of its key economic analysts to share global and regional trends thus, providing business entities guidance and insights on managing and mitigating risks and optimising opportunities.