CBSL Governor Dr. Weerasinghe gets new term

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Sri Lankan President Gotabaya Rajapaksa has extended the term of the 17th Governor of the Central Bank of Sri Lanka (CBSL) Dr. P. Nandalal Weerasinghe for a fresh six-year term, effective 1 July 2022, a top government official told Finance Today yesterday (29).

Prime Minister Ranil Wickremesinghe as the Minister of Finance yesterday sent the relevant recommendation letter for approval to the President who issued a fresh appointment letter, the official said.

During the past few weeks there were several social and other media campaigns spreading negative sentiments against the Governor and there was much speculation that his tenure would not be extended beyond 30 June.

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

According to Rule 13 (1) of the Monetary Law Act, a Central Bank Governor’s term 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 NivardCabraal, 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