ECONOMYNEXT – Sri Lanka’s central bank has announced the appointment of a new Secretary to its rate-setting Monetary Board amid a controversy.
Reports had suggested that the change was linked to forensic audits conducted on past stock and bond purchases linked to the central bank.
The statement said the earlier secretary was one of the longest serving and had also been a Deputy Secretary at the post.
The full statement is reproduced below.
The Central Bank of Sri Lanka (CBSL) is pleased to announce the appointment of Assistant Governor (AG) J P R Karunaratne as the Secretary to the Monetary Board (SMB) with effect from 15th September 2021.
AG J P R Karunaratne holds a Master of Commerce Degree in Finance from the University of New South Wales, Australia and a Postgraduate Diploma in Applied Statistics and a Bachelor of Science (Physical Science) Degree from the University of Colombo.
He is a Fellow Member of the Chartered Institute of Management Accountants, UK and an Associate Member of the Certified Management Accountants (CMA) of Sri Lanka.
In this regard, it would be noted that the duties and responsibilities of SMB has been subject to periodic change and rotation from time to time, as set out below:
• February 2015:
AG H A Karunaratne appointed in place of AG C J P Siriwardhana who had served in the position for 6 months.
• November 2015:
Special Post of Deputy Secretary Monetary Board created and Grade 4 Officer (Mrs.) K M A N Daulagala appointed to the position.
• June 2016:
AG K D Ranasinghe appointed in place of AG H A Karunaratne who had served in the position for 16 months.
• July 2016:
AG H A Karunaratne appointed in place of AG K D Ranasinghe who had served in the position for 1 month.
• November 2018:
AG and Deputy SMB (Mrs.) K M A N Daulagala appointed in place of AG H A Karunaratne who had served in the position for 29 months: position of Deputy SMB not filled.
• September 2021:
AG J P R Karunaratne appointed in place of AG (Mrs.) K M A N Daulagala who had served as SMB for 34 months and as Deputy SMB for 36 months.
The CBSL also wishes to state that, as indicated above, responsibilities and functions assigned to all officers of the CBSL including senior officers are subject to change from time to time in the best interests of the CBSL as determined by the management.
Further, it should be noted that transfers of staff and rotation of officers in a financial institution is an essential and vital component of internal control and internal check.