Lawyer appointed to Sri Lanka central bank’s rate setting Monetary Board

ECONOMYNEXT – Sri Lanka’s Constitutional Council has approved Sanjeeva Jayawardena, a laywer nominated by President Gotabaya Rajapaksa as a member of the governing board of Sri Lanka’s central bank.

Jayawardena, a President’s Counsel, replace C P R Perera, who had resigned from the Monetary Board.

Perera, a business executive, was appointed during the last administration.

During the last administration Sri Lanka’s rupee collapsed from 131 to 182 to the US dollar in two currency crises, as the central bank printed money to target a policy rate without having a true floating exchange rate.

The monetary instability has led to output collapses and higher inflation. (Colombo/Feb21/2020)