Central Bank issues clarification on composition of Governing Board and Monetary Policy Board

The Central Bank has issued a clarification regarding the composition of its Governing Board and Monetary Policy Board.

In a statement released last Friday, the Central Bank said Sanjeeva Jayawardena, PC, 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 from September 12, 2023.

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

The court stated that the three Rajapaksa brothers, along with former Central Bank 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 violated public trust and breached Article 12 (1) of the Constitution in their administration of the economy, leading to the economic crisis. However, the Supreme Court in its verdict decided not to make any adverse decisions or orders against two Monetary Board members, Sanjeeva Jayawardena P.C. and Dr. Ranee Jayamaha. The

Central Bank emphasised that both Dr. Jayamaha and Jayawardena had submitted their resignations well before the Supreme Court delivered its final judgement on the fundamental rights (FR) petitions filed concerning the economic crisis.

The Governing Body, established in accordance with the provisions of the CBSL Act, No.16 of 2023, serves as the responsible entity overseeing the administration, management, and general policies of the Central Bank.

According to the law, the appointed members of the previously existing Monetary Board continued to serve as members of the Governing Board. As a result, Sanjeeva Jayawardena P.C. and A.N. Fonseka, appointed members of the Monetary Board on June 29, 2021, and July 27, 2022, respectively, continued their service as members of the Governing Board.

However, Dr. Ranee Jayamaha, a member of the Monetary Board since July 29, 2020, resigned from the Monetary Board effective September 12, 2023, and therefore was not a member of the Governing Board.

Jayawardena PC, the appointed member who continued as a member of the Governing Board, tendered his resignation effective from November 5, 2023.

Accordingly, the present Governing Board of the

Central Bank consists of Dr. P Nandalal Weerasinghe as the Chairman and the Governor of the Central Bank,

A. N. Fonseka, and newly appointed members, Dr.

Ravi Ratnayake (appointed on 21.09.2023), Anushka S. Wijesinha (appointed on 21.09.2023) and Vish Govindasamy (appointed on 26.10.2023).

Meanwhile, the Monetary Policy Board of the Central Bank consists of the members of the Governing Board and Dr. Dushni Weerakoon and Dr.priyanga Dunusinhe who have been appointed as technical experts with effect from 21,09, 2023.