Dr. Kenneth De Zilwa reappointed Chairman of Financial System Stability Consultative Committee

Top business cycle economist and senior banker, Dr. Kenneth de Zilwa has been re-appointed as the Chairman of the Financial System Stability Consultative Committee (FSSCC) of the Central Bank with effect from 6 October by the newly-appointed Governor, Ajith Nivard Cabraal. 

Lanka Clear Chairman  Dr. Kenneth De Zilwa

FSSCC, comprising leading private sector personalities, has been constituted to advice the Central Bank of Sri Lanka on the formulation of policies relating to financial sector system stability, risk mitigation measures and macroeconomic development.  Dr. De Zilwa is the current Chairman of LankaClear and a Senior Consultant at China Harbour Engineering Co Ltd. (CHEC). With the outbreak of the pandemic and imminent monetary/fiscal policy reforms, FSSCC was reconstituted in July 2020, appointing Dr. De Zilwa as the Chairman. 

In discharging its duties, FSSCC observes developments in the financial sector, assesses their impact on the financial sector stability; provide market/stakeholder-based views on emerging trends and make recommendations for financial system stability and to further develop financial markets whilst mitigating risks.

With over 20 years of experience in the sector, Dr. De Zilwa is well known for his expertise in Treasury, especially in the areas of risk management, money markets and debt markets, in both domestic and international financial markets, alike. He was a part of HSBC Global Advisory team for Government of Sri Lanka USD Bond Issuance and worked closely with the senior officials of the Central Bank in drafting guidelines for the market.  Dr. De Zilwa was also the President of the Sri Lanka Forex Association and has been instrumental in setting up of the ACI Market Ethics Committee, Education Committee and a Regulatory Framework while inspiring and leading the Association to new heights. Under his leadership, Forex was able to gain full membership of ACI International and make the Association internationally reputed, owing to his vast knowledge, experience, and exposure. 

He was appointed Secretary to the ACI Model Code Committee by Central Bank and was responsible for Sri Lanka’s First Interest Rate Option and Currency Derivative Transactions and developed the first Islamic Finance Rupee Bond.

FSSCC is a 14-member committee that brings together a wealth of knowledge, experience and exposure, bringing the right balance and expertise, which is key for effective committee deliberations. The other members of FSSCC are C. N. S. N. Anthony – Director/General Manager, Credit Information Bureau; L. H. A. Lakshman Silva – Chairman, Sri Lanka Banks’ Association; Niroshan Udage – Chairman, Finance House Association of Sri Lanka; Sujeewa Mudalige – Managing Partner, PwC; Sanjaya Bandara – Vice President, Institute of Chartered Accountants of Sri Lanka; Vish Govindasamy – Chairman, Ceylon Chamber of Commerce; Sherley Jayawardena, President – Federation of Chambers of Commerce and Industry of Sri Lanka; Krishan Balendra – Chairman, John Keells Holdings PLC; Kushan de Alwis – President’s Counsel; Saliya Wickramasuriya – Acting Director General, Colombo Port City Economic Commission; Kapila Jayawardena – Group Managing Director, LOLC Holdings PLC; Chitranjali Dissanayake – Director General, Export Development Board. 

The secretariat function of the FSSCC is conducted by the Macro-prudential Surveillance Department (MSD) of the Central Bank of Sri Lanka.