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CBSL clarifies governing and Monetary Board composition

Colombo (LNW): The Central Bank of Sri Lanka (CBSL) issued a statement on Friday (17) providing clarification on changes to its Governing Board and Monetary Policy Board.

The announcement indicated that President’s Counsel Sanjeeva Jayawardena had resigned as a member of the Governing Board, effective from November 5, 2023. Simultaneously, Dr. Ranee Jayamaha had submitted her resignation as a Monetary Board member, effective since September 12, 2023.

On November 14, the Supreme Court held that former President Gotabaya Rajapaksa, former Prime Minister Mahinda Rajapaksa, former Finance Minister Basil Rajapaksa, and other senior state officials are responsible for the economic crisis in the country.

The court stated that the Rajapaksa brothers, former CBSL governors Ajith Nivard Cabraal and Prof. W.D. Lakshman, former Finance Secretary S.R. Attygalle, former Presidential Secretary P.B. Jayasundara, and the Monetary Board members of the Central Bank had breached Article 12 (1) of the Constitution, violating public trust in their administration of the economy, leading to the economic crisis.

The CBSL’s statement emphasised that both Dr. Jayamaha and Mr. Jayawardena had submitted their resignations well before the Supreme Court’s final judgment on the fundamental rights petitions related to the economic crisis.

The Governing Body, established under the provisions of the CBSL Act, No.16 of 2023, oversees the administration and management of CBSL’s affairs, determining general policies. According to the law, members of the former Monetary Board continued to serve as members of the Governing Board.

As per this arrangement, Sanjeeva Jayawardena P.C. and A.N. Fonseka, appointed to the Monetary Board on June 29, 2021, and July 27, 2022, respectively, continued their roles in the Governing Board. However, Dr. Ranee Jayamaha, a member of the Monetary Board since July 29, 2020, resigned from the Monetary Board on September 12, 2023, and thus was not a member of the Governing Board. Jayawardena PC, an appointed member who continued on the Governing Board, tendered his resignation effective November 5, 2023.

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