Sunday Nov 17, 2024
Sunday Nov 17, 2024
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| MP Nivard Cabraal
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Veteran Central Bank Governor turned national-list Government MP and State Minister Nivard Cabraal is likely to revert to the former position in the greater national interest.
When Daily FT contacted for his comments on widespread speculation Cabraal limited his response to: “Can’t deny. Can’t confirm.” However, he is reported to have told close associates that at present “CB Governor position is critical and the need of the hour” to successfully chart Sri Lanka out of the foreign reserves and debt challenge.
He does not mind foregoing the privileges of an MP as well as temporarily sacrificing the larger political goal of wanting to become a Cabinet-level Minister.
He took an active part in Parliament yesterday during the discussion on the tax amnesty Bill and the new SEC Bill. If speculation is right Cabraal will replace incumbent Prof. W.D. Lakshman.
Cabraal served as the Central Bank Governor from 1 July 2006 until his resignation on 9 January 2015. During his tenure Cabraal was credited for the overall improvement in macroeconomic fundamentals, beginning the long streak of low single digit inflation rate, lower interest rates, stable exchange rate with a consistent rate of rupee depreciation and enhancing reserves. The then Opposition however blamed him for mismanaging.
