Govt. delays permanent appointment of CB Governor

• Senior Deputy Governor Dr. Weerasinghe becomes Acting CEO as per provisions of Monetary Law Act

The Government let the Central Bank spend the weekend as well as the new working day today with an Acting CEO appointment delaying a permanent announcement. 

With Dr. Indrajit Coomaraswamy stepping down as Governor on Friday, Senior Deputy Governor Dr. Nandalal Weerasinghe was made the Acting CEO as per the provisions in the Monetary Law Act.  

The financial services industry as well as the private sector has been awaiting an early and definitive announcement on the post of the future Governor of the Central Bank ever since Dr. Coomaraswamy indicated his desire prior to 16 November Presidential Election to step down by 20 December. 

Whilst most expect the President Gotabaya Rajapaksa regime to revert to institutional dynamics to select the Governor of the Central Bank than parachuting an outsider, political circles were speculating that academic Prof. Ranjith Bandara was one of the names cited as a successor. This however could not be confirmed. 

Dr. Weerasinghe is viewed as a natural successor with his probable appointment seen as a confidence booster for local and global financial markets in terms of continuity. As a Central Banker he is scheduled to retire by January 2021 unless chosen as the Governor. 

Analysts said that with General Elections pending in a few months’ time, the Rajapaksa regime may opt for the acting function before deciding on a permanent appointment. 

Dr. Weerasinghe was promoted to the position of a Deputy Governor on 27 September 2011 while he was serving as an Alternate Executive Director at the International Monetary Fund and assumed office as Deputy Governor of the Central Bank of Sri Lanka on 1 September 2012. 

Dr. Weerasinghe is the Chairman of the Monetary Policy Committee and the Foreign Reserve Management Committee of the Central Bank of Sri Lanka (CBSL). He currently functions as Deputy Governor supervising the Departments of Economic Research, Statistics, International Operations, Domestic Operations, Macro-prudential Surveillance, Exchange Control, Currency and Communications.

Dr. Weerasinghe has a PhD and Master’s Degree in Economics from the Australian National University and a BSc. Degree from the University of Kelaniya in Sri Lanka.