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Tuesday September 28th, 2021
Economy

Sri Lanka new CB Governor says will push for stability, consult business

ECONOMYNEXT – Sri Lanka’s central bank will push for stability and consult with businesses newly appointed Central Bank Governor Nivard Cabraal has said.

“The government, bankers, importers, exporters, lenders, borrowers, investors, developers, service providers, industrial businesses, exchange houses, retailers, wholesalers and most importantly, the people of Sri Lanka must experience economic stability,” Cabraal said in a statement.

“It is then that undue fears are allayed, and damaging expectations are not escalated.

“To achieve that objective, the Central Bank will need to provide clear and firm guidance to all economic stakeholders particularly at turbulent times, such as the current times.

“Therefore, the Central Bank’s first and urgent priority under my watch, will be to provide clarity with regard to the movement of Sri Lanka’s macro-economic fundamentals in the desired path and thereby ensure stability in the financial sector.”

The full statement is reproduced below:

I am extremely privileged to lead the Central Bank once again and deeply humbled by the trust and confidence reposed in me by the President, Prime Minister and Finance Minister to take up this responsibility. I also deeply appreciate the good wishes that I have received from thousands of our countrymen.

I will assure all of them that they will not be let down, and the economy will be steered towards continued stability.

I also look forward to the close cooperation of the wonderful team of persons at the Central Bank as well the support from all stakeholders with whom I will have early consultations.

The government, bankers, importers, exporters, lenders, borrowers, investors, developers, service providers, industrial businesses, exchange houses, retailers, wholesalers and most importantly, the people of Sri Lanka must experience economic stability.

It is then that undue fears are allayed, and damaging expectations are not escalated.

To achieve that objective, the Central Bank will need to provide clear and firm guidance to all economic stakeholders particularly at turbulent times, such as the current times.

Therefore, the Central Bank’s first and urgent priority under my watch, will be to provide clarity with regard to the movement of Sri Lanka’s macro-economic fundamentals in the desired path and thereby ensure stability in the financial sector.

Towards that goal, the Central Bank will need to take the required steps that will reflect its own commitment towards that objective, and will therefore soon announce a policy package in the form of a short-term Road Map, that could then be followed by all stakeholders.

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