New CBSL Chief welcomes continuity of Monetary Board members

Monday, 11 April 2022 00:25 - - {{hitsCtrl.values.hits}}

New Central Bank Governor Dr. Nandalal Weerasinghe yesterday said he welcomes the decision by existing members of the Monetary Board to continue.

“As the newly incumbent Governor of the Central Bank of Sri Lanka (CBSL), I am delighted that Sanjeeva Jayawardena, President’s Counsel and Dr. Ranee Jayamaha, appointed members of the Monetary Board, have acceded to continue to serve on the Monetary Board,” Governor Weerasinghe said in a statement.

He said they have always acted very independently, impartially, professionally and diligently, and have very positively contributed to all endeavours of the CBSL, while serving as members of the Monetary Board in the past.

“As I have the fullest faith and confidence in their complete professionalism, I look forward to receiving their continuing contribution and valuable guidance to the Nation, the Monetary Board and to me, as the Governor,” Dr. Weerasinghe said in his statement.

Daily FT popular columnists former Deputy Governor W.A. Wijewardena in his column today on Page 11 writes that the bank’s Executive Officers’ Association had warned of a worst economic catastrophe to the Monetary Board, the body responsible for orderly monetary management of the country, in their official bulletin recently.

It had blamed the Monetary Board for failing to listen to the wise counsel given by its membership in numerous fora and papers submitted to it.

“What this means is that the professional economists and other technocrats in the bank had seen the deteriorating situation and alerted the Board in time that it must change its course. Hence, in my view, my former colleagues now holding high positions in the bank are not responsible for the current malaise. It is the Monetary Boards, led by two Governors, W.D. Lakshman and Ajith Nivard Cabraal, which should take the blame,” Wijewardena has written in today’s column.

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