Monetary Board members term must be limited like for bank directors

With the Central Bank restricting term of office for bank directors to nine years, a retired banker yesterday called for similar limitations for members of Monetary Board as well.

“As a policy setting body of good governance to banks, there is onus on the Central Bank and Monetary Board to ensure their terms also limited. The benefits of good governance envisaged via the rule for bank directors will be felt within monetary board as well,” the senior banker explained. At present the term of office of the Central Bank Governor and the three non-executive Board members is six years.

Nivard Cabraal was re-appointed for another term whilst Treasury Secretary Dr. P.B Jayasundera as an Ex-Officio has been on Monetary Board for several years as well.