Sri Lanka awaits new CB Governor

ECONOMYNEXT – Sri Lanka’s President Maithripala Sirisena is expected to appoint a new Central Bank Governor before start of business on July 01, so that markets could function without uncertainty.

On July 29, President Maithripala Sirisena said a new Central Bank Governor would be appointed ‘in the coming hours’, ending a contentious issue that threatened to split the unity government run with Prime Minister Ranil Wickremesinghe.

President Sirisena and Prime Minister Ranil Wickremesinghe visited the central bank together Wednesday.

The President’s media division described it as a ‘special observation visit where he exchanged ideas "on the current economic situation and the future economic plans, with the staff of the Central Bank."

The central bank’s executive officer’s union has called for a person with integrity to be appointed as the governor of the central bank.

Markets have been kept guessing about the possible appointee, with the two leaders playing the game close to their chest.

Names ranging from Charitha Ratwatte, Senior Advisor to Prime Minister and former Treasury Secretary, Ranjith Fernando, current head of the Urban Development Authority, Indrajit Coomaraswamy, Saman Kelegama, Dinesh Weerakkody, Lalith Samarakoon, Deputy Governor Nandalal Weerasinghe, Deputy Minister Eran Wickremeratne, W A Wijewardene has been doing the rounds. Some of them have already denied the speculation.

Governor Mahendran’s term ends on June 30.

When former Governor A S Jayewardene’s term ended on June 30, his successor Sunil Mendis was appointed by 6.00 pm, according to central bank watchers. Both Mendis and his successor Nivard Cabraal resigned before the end of their six year terms. (Colombo/June30/2016)
 

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