Premadasa raises concerns over Cabraal's appointment

Rebecca Pavey | Published: 10:59 AM Sep 14 2021
Local Premadasa raises concerns over Cabraal's appointment

Opposition Leader Sajith Premadasa has raised concerns over the appointment of former Parliamentarian Ajith Nivard Cabraal as the new Governor of the Central Bank of Sri Lanka (CBSL).

Issuing a statement, Premadasa called for CBSL to remain separate from political influence, given its status as the entity responsible for making policy decisions on fiscal reserves.

"Experience around the world has shown that in every country where an independent Central Bank operates, it has produced better economic results for its citizens", the statement read.

He pointed out that the Government has granted a political appointment to the post of Governor of CBSL, condemning the move as a death blow on the credibility of the Bank.

"It will inevitably undermine the confidence of international investors in Sri Lanka", Premadasa said.

Premadasa further accused Cabraal of being involved in several illicit deals during his previous tenure as the Governor of CBSL from 2006 - 2015, causing a loss of millions of dollars to the country.

Cabraal was also accused of misusing the Employees Provident Fund (EPF) and Employees Trust Fund (ETF).

"If the country is to emerge out of the serious economic abyss it is in at the moment, it will not be fruitful to change heads due to personal acquaintances", Premadasa said, urging the President not to appoint Cabraal, an individual with a 'serious breach of credibility' as the Governor of CBSL.

Former State Minister of Money & Capital Market and State Enterprise Reforms, Ajith Nivard Cabraal was appointed as the Governor of the Central Bank of Sri Lanka (CBSL) yesterday (13)., and is due to assume duties tomorrow (15).

Rebecca Pavey | Published: 10:59 AM Sep 14 2021

More News