Macro-economic stability priority of new Central Bank Governor

Newly appointed Central Bank Governor Ajith Nivard Cabraal said on Wednesday that the Central Bank's first and urgent priority under his watch, “will be to provide clarity with regard to the movement of Sri Lanka's macro-economic fundamentals in the desired path and thereby ensure stability in the financial sector.”

The former state minister and parliamentarian was making his first statement after assuming duties at the banking regulator.

“Towards that goal, the Central Bank will need to take the required steps that will reflect its own commitment towards that objective, and will therefore soon announce a policy package in the form of a short-term Road Map,” he said in comments released to the media.

Thanking the President, the Prime Minister and the Finance Minister for his appointment, Mr. Cabraal said that he look forward to the close cooperation of the team at the Central Bank as well the support from all stakeholders with whom him will have early consultations.

“The government, bankers, importers, exporters, lenders, borrowers, investors, developers, service providers, industrial businesses, exchange houses, retailers, wholesalers and most importantly, the people of Sri Lanka must experience economic stability.  It is then that undue fears are allayed, and damaging expectations are not escalated. To achieve that objective, the Central Bank will need to provide clear and firm guidance to all economic stakeholders particularly at turbulent times, such as the current times,” he added.

- ENDS -