Why ex-regulators should stay away from private sector banks: A response

Friday, 11 July 2014 01:21 - - {{hitsCtrl.values.hits}}

I refer to the letter to the Editor in today’s Daily FT under the title ‘Why ex-regulators should stay away from private sector banks,’ written by Priyantha of Colombo. In his letter, he has levelled many accusations against the Governor of the Central Bank and the Finance Secretary. He has also ended his letter by stating that the President will have to “pay the price” for the actions of these two officers. In my view, what Priyantha has obviously failed to acknowledge is that Sri Lanka is enjoying its best economic performance in its history during the present time, when these two officers, Cabraal and Jayasundera, are at the helm of affairs of the economy. Even the banking sector that Priyantha is lamenting about is enjoying its greatest phase of growth and stability. It is a well-accepted fact that the Cabraal and Jayasundera duo have handled all critical and challenging issues confronting the Sri Lankan economy, including the global financial crisis, funding the massive war effort, and the rebuilding of the country, with skill and competence. It is also no secret that the private sector, including the private sector banks, has benefitted immensely because of the far-sighted policies and effective administration of the Governor and the Finance Secretary. In that context, it is extremely unfair to target these two officials who many in all sectors of the private sector consider as rendering an outstanding contribution to the people of this country, the Government and President Rajapaksa. D. Vithanage

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