CBSL Governor Dr. Weerasinghe to get service extension this week

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Sri Lankan President Gotabaya Rajapaksa will extend the term of the 17th Governor of the Central Bank of Sri Lanka (CBSL) Dr. P.Nandalal for a fresh six-year term, effective 1 July 2022, a top government official told Finance Today.

Prime Minister Ranil Wickremesinghe as the Minister of Finance has already decided to send the relevant recommendation letter to President Gotabaya Rajapaksa for approval and accordingly President will issue a fresh appointment letter, shortly, he said.

Past few weeks there were several social and other media campaigns spreading negative sentiments against the Governor, Dr. Weerasinghe and there was much speculation that the term of the Governor would not be extended beyond 30 June.

According to independent sources, this situation was stemming from perceived economic policy conflicts between PM, his supporters and the Governor.

However, the Governor of the CBSL had recently quoted on CBSL social media sites such as Twitter handle and Facebook and stated that those speculative reports were false and baseless and that there are no rifts between the PM and himself.

According to Rule 13 (1) of the Monetary Law Act, a term of the Post of the Governor of the CBSL is equal to a period of six years. The present six-year term ends on 30 June 2022 and in this term, Dr. Weerasinghe was appointed to the Governor’s post on 7 April 2022 for the balance period of this term after the resignation of the previous Governors Dr. Indrajith Coomaraswamy, Prof. W. D. Lakshman and Nivard Cabraal, as per Rule 13. (2) of the Monetary Law Act.

Dr. Weerasinghe is a career central banker, with extensive experience in Monetary and Exchange Rate Policy. Dr. Weerasinghe was promoted as Deputy Governor on 27 September, 2011 while he was serving as an Alternate Executive Director at the International Monetary Fund and assumed office as Deputy Governor of the CBSL on 1 September 2012. 
Dr. Weerasinghe holds a PhD and Master’s Degree in Economics from the Australian National University and a B.Sc. Degree from the University of Kelaniya in Sri Lanka.

Dr. Weerasinghe retired from the Central Bank as the Senior Deputy Governor in January 2021 and worked as an Independent Consultant for economic and financial matters for multilateral agencies and global investment firms.

By Ishara Gamage