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Monetary Policy Committee reconstituted after just one year

20 Oct 2021

 
  • Only two members retained
  • Sunil Lankathilake appointed Chairman
  BY Shenal Fernando The Central Bank of Sri Lanka (CBSL) announced on Monday (18) the reconstitution of the Monetary Policy Consultative Committee (MPCC), which is in place to enable the Monetary Board to obtain views of the stakeholders of the economy for monetary policy decision-making. The previously constituted MPCC was in operation for only over a year before being reconstituted. Only two members of the previous committee, which was constituted in 2020, have been retained. They are Access Engineering PLC Managing Director Christopher Joshua and Brandix Lanka Ltd. CEO Ashroff Omar. The reconstituted MPCC comprises 12 eminent personalities from the private sector and academia and is chaired by Sunil Lankathilake, former CBSL Deputy Governor and member of the Securities and Exchange Commission of Sri Lanka (SEC). In addition to Lankathilake, the other new appointees to the reconstituted MPCC include Stassen Group of Companies Chief Financial Officer Dhamitha Cooke, Ceylon Chamber of Commerce Import Section Chairman Niranjan Dissanayake, Professor of Economics Madduma Bandara, Softlogic Group Chairman/Managing Director Ashok Pathirage, Vallibel One PLC Chairman and Hayleys PLC Co-Chairman Dhammika Perera, Mainettech Lanka (Pvt.) Ltd. Chairman Jeyam Perumal, DSI Samson Group Emeritus Managing Director Dr. Kulatunga Rajapaksa, retired senior banker Rusiripala Tennekone,; and Hemas Holdings PLC Group Chief Executive Officer Kasturi Chellaraja Wilson. The idea behind the MPCC is that it consists of a cross-section of stakeholders including eminent professionals, academics, and private sector personnel, so that the CBSL’s Monetary Board benefits by their expertise and experience in its monetary policy decision-making process. The Economic Research Department of CBSL, which serves as the Secretariat of the Monetary Policy Committee (MPC), also serves as the Secretariat of the MPCC. The newly reconstituted MPCC addresses many of the alleged weaknesses of the previous committee, which included lack of/limited FMCG/consumer sector representation and lack of representation of a diversified conglomerate.

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