Home Market CBREOA requests the President to appoint incumbent CB governor for the next term

CBREOA requests the President to appoint incumbent CB governor for the next term

  • 13 Jun 2022
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Central Bank Retired Executive Officers’ Association (CBREOA) has expressed their grave concern about the media reports that there are efforts by some sections within the government to appoint another person replacing the incumbent central bank governor Dr Nandalal Weerasinghe.

CBREOA has written to President Gotabaya Rajapaksa requesting him to appoint Dr.Weerasinghe for the next term beginning July 1 and pointed out that he is most suited to handle the job at this crucial juncture.

They have pointed out the need for having competent and resourceful persons with experience to address the economic crisis as the first priority as it is the economic factor that is behind almost all problems that the country is facing today.

The retired officers in their letter say that at this moment of grave economic crisis no one lacking utmost self-confidence to arrest the situation and deliver results would accept a challenge and Dr Weerasinghe has displayed his calibre by being bold enough to come forward and shoulder the responsibility.

They say Dr Weerasinghe is the top competent central banker at present that has a long period of active participation in handling all key areas of macroeconomic management.

He represented the Central Bank at very high-level forums in dealing with the international organizations such as the IMF, World Bank, ADB and many other bilateral and multilateral institutions handling projects on macroeconomic management. He also served for the IMF as Alternate Director representing Sri Lanka and Maldives, where he had the opportunity to gather experience in the practical aspects related to operations of the IMF.

They have stated that Dr. Indrajith Coomaraswamy, former Governor of the CBSL and Veteran Economist Dr. W A Wijewardena, Former Deputy Governor of the CBSL who are highly respected and active economists also commended the work of Dr. Weerasinghe, as the incumbent Governor and expressed their confidence about his calibre.

They have pointed out what is required at this hour is to extend him the maximum support to take his programme forward along with negotiations with the IMF and other international organizations and disturbing that process would be an unbearable blow to the whole process of arresting the situation and outcome of such an imprudent move would be catastrophic.

They also have referred to previous instances and where several persons appointed in the past as the Governor without sound knowledge and exposure on central banking failed and caused irreparable damage to the image of the central bank.

CBREOA is a non-political organization consisting of the retired executive officers of all categories of the Central Bank such as Deputy Governors, Assistant Governors, Heads of Departments, Additional Heads of Departments, Deputy Heads of Departments and other senior members of the executive category.

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