CBSL Governor to step down next week

The Governor of the Central Bank of Sri Lanka Professor W. D. Lakshman announced that he will step down on September 14.

He made the announcement during an online program on Friday.

“I am retiring from the post on September 14.” he said.

*****************

CB Governor to step down on Sept 14

Shirajiv Sirimane

Governor Central Bank Professor W.D. Lakshman announced that he will resign from his position with effect from September 14 after serving a little less than two years.

Professor W.D. Lakshman said that he was planning to retire when he reached the age of 80 but he is now taking premature retirement a few weeks early. He said at a special press conference today that he was offered a lucrative one year position at the International Monetary Fund (IMF) but he declined it. “I have now decided to spend my retirement at home and will contemplate writing.”

Commenting further he said that he also found it somewhat difficult to work with different policy opinions. He said that for several decades he wanted to do something to help elevate Sri Lanka’s position to a better scale but was not successful. “I identify the biggest stumbling block for this is party politics.”

He also said that he was disappointed and hurt by several media reports, especially in the last two weeks, which were published without even taking a single quote from him.

Defending the decision to impose a 100% cash margin deposit requirement against the importation of selected goods of non-essential/non-urgent nature he said it was not taken to hurt anybody or any sector of SME companies.

“This decision was taken after two-three months of debate and it was done to reduce the trade deficit expansion which was increasing rapidly.

I firmly believe that there are a lot of non-urgent and non-essential goods in this list.”

Governor said that he was for maintaining a fixed exchange rate and recalled that Rupee depreciation started after the open economy. “But here I am not condemning the open economic policy.”

He said that Sri Lanka should look at more non debt inflows, increase FDI and strengthen reserves for economic revival.

“I hope tourism receipts too would return to strengthen the Lankan economy.”One time Governor and present State Minister of Money and Capital Markets and State Enterprise Reforms, Ajith Nivard Cabraal was speculated to step down from his portfolio as a State Minister and take up the portfolio of Governor of the Central Bank.

Asked if he was asked to resign by the Government, he said he will not comment on it.