The Central Bank of Sri Lanka (CBSL) issued a clarification regarding the composition of its Governing Board and Monetary Policy Board in a statement released on Friday (Nov. 17).
The CBSL stated that Sanjeeva Jayawardena, PC, stepped down as a member of the Governing Board effective from November 5, 2023. Simultaneously, Dr. Ranee Jayamaha resigned as a member of the Monetary Board, effective from September 12, 2023.
The statement follows a landmark judgment by the Supreme Court on November 14, attributing responsibility for the economic crisis to former President Gotabaya Rajapaksa, former Prime Minister Mahinda Rajapaksa, former Finance Minister Basil Rajapaksa, and other senior state officials.
In its verdict, the Supreme Court held that the Rajapaksa brothers, former CBSL 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 had breached public trust and violated Article 12 (1) of the Constitution, contributing to the economic crisis.
The CBSL emphasized in its statement that both Dr. Jayamaha and Mr. Jayawardena had submitted their resignations before the Supreme Court’s final judgment on the fundamental rights (FR) petitions related to the economic crisis.
The Governing Body, established under the provisions of the CBSL Act, No. 16 of 2023, oversees the administration, management, and general policies of CBSL. As per the law, members of the previously existing Monetary Board continued to serve as members of the Governing Board. Therefore, Sanjeeva Jayawardena P.C. and A.N. Fonseka, appointed members of the Monetary Board, continued as members of the Governing Board. However, Dr. Ranee Jayamaha, a Monetary Board member since July 29, 2020, resigned from the Monetary Board effective from September 12, 2023, and was consequently not a member of the Governing Board. Jayawardena PC, appointed member who continued as a Governing Board member, tendered his resignation effective from November 5, 2023.
