Sri Lanka CB chief defends deputy

ECONOMYNEXT – Sri Lanka’s Central Bank Governor Indrajit Coomaraswamy has strongly defended Deputy Governor Nandalal Weerasinghe, after a debate about recent gross domestic product numbers, which are not compiled by the monetary authority.

“As the Governor of the CBSL, I want to formally place on record that Dr. Weerasinghe is an outstanding economist who has made a stellar contribution to the work of the Bank during the two years I have spent in this position,” Governor Coomaraswamy said in a statement.

He was referring to remarks made by ex-Finance Minister Ravi Karunanayake.

“I am compelled to point out that the former Finance Minister Hon Ravi Karunananayake has not produced any evidence to back up his unfounded allegations,” the statement said.

Separately the central bank also explained that it no longer produced gross domestic product data and the numbers were compiled by the Department of Census and Statistics.

Under the current methodology, GDP data in the recent past is revised when more data is collected. The current method requires more survey data than the in the past. (Colombo/June28/2018)

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