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Economic stakeholders need firm guidance: Ajith Nivard Cabraal.

16 Sep 2021

  • New CBSL Governor Cabraal to issue short-term roadmap by October
BY Dinitha Rathnayake The Central Bank of Sri Lanka (CBSL) will need to provide clear and firm guidance to all economic stakeholders, particularly during turbulent times, such as the present times, said the newly appointed CBSL Governor Ajith Nivard Cabraal. Speaking to The Morning, he said that the CBSL’s first and urgent priority under his watch will be to provide clarity with regard to the movement of Sri Lanka's macroeconomic fundamentals in the desired path and thereby ensure stability in the financial sector. Towards that end, the CBSL will need to take the required steps that will reflect its own commitment towards that objective, and will therefore soon announce a policy package in the form of a short term road map by 1 October 2021, that could then be followed by all stakeholders.” Cabraal also added: “I am privileged to lead the CBSL once again and am humbled by the trust and confidence reposed in me by President Gotabaya Rajapaksa, Prime Minister Mahinda Rajapaksa, and Finance Minister Basil Rajapaksa to take up this responsibility.” The new Governor gave his assurance that he would steer the economy towards stability. “I also look forward to the close co-operation of the team at the CBSL as well as support from all stakeholders with whom I will have early consultations. The Government, bankers, importers, exporters, lenders, borrowers, investors, developers, service providers, industrial businesses, exchange houses, retailers, wholesalers, and most importantly, the people of Sri Lanka must experience economic stability. It is then that undue fears are allayed and damaging expectations don’t escalate,” he stated. Cabraal assumed duties as the 16th Governor of the CBSL on 15 September 2021. His appointment was made by President Gotabaya Rajapaksa, according to the provisions of the Monetary Law Act, No. 58 of 1949. Accordingly, Cabraal will function as the Chairman of the CBSL’s Monetary Board. Cabraal previously served as the 12th Governor of the CBSL from July 2006 to January 2015. He was also the State Minister of Money, Capital Market, and State Enterprise Reforms during the period from 12 August 2020 to 13 September 2021.


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