The Central Bank on Friday announced new composition of the Governing Board and the Monetary Policy Board.

In terms of the provisions of the Central Bank of Sri Lanka (CBSL) Act, No. 16 of 2023, the Governing 

Board of CBSL has been established as the body responsible for overseeing the administration and management of the affairs of CBSL and determination of the general policies of CBSL. In terms of the law, the appointed members of the previously existing Monetary Board of CBSL continue as the members of the Governing Board of CBSL.

Sanjeeva Jayawardena PC and A.N. Fonseka who were appointed members of the Monetary Board with effect from 29.06.2021 and 27.07.2022, respectively, continued to be the members of the Governing Board. However, Dr. Ranee Jayamaha who was a member of the Monetary Board since 29.07.2020 tendered her resignation from the Monetary Board with effect from 12.09.2023, and therefore was not a member of the Governing Board. 

Sanjeeva Jayawardena PC, appointed member who continued as a member of the Governing Board tendered his resignation with effect from 05.11.2023. 

Both Dr. Jayamaha and Jayawardena submitted their resignations well before the Supreme Court made its final judgement on 14.11.2023 with regard to the Fundamental Rights Case filed on Economic Crisis. 

The present Governing Board of CBSL consists of Dr. P Nandalal Weerasinghe as the Chairman of the Governing Board and the 

Governor of CBSL, A.N. Fonseka, and newly appointed members, Dr. Ravi Ratnayake (appointed on 

21.09.2023), Anushka S. Wijesinha (appointed on 21.09.2023) and Vish Govindasamy (appointed on 26.10.2023).

In terms of the provisions of the CBSL Act No. 16 of 2023 there shall be a Monetary Policy Board of CBSL which is charged with the formulation of monetary policy of CBSL and implementation of a flexible exchange rate regime in line with the flexible inflation targeting framework in order to achieve and maintain domestic price stability. 

President Ranil Wickremesinghe has appointed Dr. Dushni Weerakoon and Dr. Priyanga Dunusinghe as members of the Monetary Policy Board of the Central Bank of Sri Lanka with effect from 21.09.2023 in terms of Section 15 of the CBSL Act with the approval of the Constitutional Council.

These two members are the technical experts joining the Monetary Policy Board along with members of the Governing Board and the Deputy Governors in-charge of Price Stability and Financial System Stability.

See Page 8 for the profiles of the newly appointed members.

Profiles of new CBSL Governing Board, Monetary Policy Board members