Sri Lanka’s Central Bank (CB) is entering a new era of encouraging growth in the wake of the COVID-19 crisis.
With this aim the present administration is reconstituting the Monetary Board to tackle different economic issues in line with the present administration’s new policies.
The Monetary Board is to be given a new role along with the improvements and a deepening of the financial system.
Senior government officials said that there is need for a shift in the conventional policy measures towards new trends in central banking.
In this backdrop, two members of the Monetary Board Nihal Fonseka and Dr. Dushini Weerakoon were asked to step down, ahead of the scheduled completion of their terms.
Mr. Fonseka is a former chairman of the Colombo Stock Exchange and banker while Dr Weerakoon is the Executive Director of the Institute of Policy Studies.
Meanwhile Dr. Kenneth De Zilwa, Managing Director Econsult Asia (Pvt) Ltd and senior economist Prof. S.S. Colombage are tipped to be appointed as their replacements.
(LIN)