Central Bank sets up a financial system stability consultative committee
View(s):The Central Bank (CB) has set up a 15-member financial system stability consultative committee spearheaded by veteran Chartered Accountant Rajan Asirwatham for the first time to assist the bank to maintain this core objective of the bank.
This was disclosed by CB Governor Dr. Indrajit Coomaraswamy at the monetary policy review media conference in Colombo on Thursday.Mr. Asirwatham is a Fellow of the Institute of Chartered Accountants of Sri Lanka, Corporate Director and former Senior Partner and Country Head of KPMG Ford Rhodes Thornton & Company.
The mandate of the committee is to assist the CB to maintain financial system stability. The banking regulator discharges this role by establishing the required legal framework, regulating and supervising key categories of financial institutions, maintaining stability in key financial markets.It is also overseeing the payments and settlements system, acting as lender of last resort and by regular surveillance of the entire financial system, including insurance and stock market activities.
The first meeting of the committee was held recently, Dr. Coomaraswamy said, adding that plans are underway to set up several consultative committees to assist and streamline core functions of the bank.He noted that the country could achieve an economic growth of 5 per cent this year. Sri Lanka’s 11th International Sovereign Bond of US$1.5 billion in May, and a syndicated loan of $450 million helped strengthen the balance of payments position.(BS)