CB Governor urges maintaining stability
Central Bank Governor Nandalal Weerasinghe has given a loud and clear message to the nation emphasising the need of sustaining the stability achieved through decisive policy adjustments and structural reforms in the short term following the economic downturn in 2022.
Addressing the panel discussion on “Sustaining Stability” organised by the Central Bank on Thursday, he said that measures taken by the fiscal and monetary authorities in close collaboration have paved the way for the restoration of macroeconomic stability to a great extent.
This economic and structural reform momentum would have to be sustained and continued in the long run for the country regain economic revival, he pointed out.
External buffers have been gradually rebuilt in 2023 as it has exhausted in 2022. Improved foreign exchange inflows received from tourism and other services exports as well and workers’ remittances have also helped the country in overcoming the severe foreign exchange crisis
Senior Deputy Governor Yvette Fernando noted that the Central Bank has launched proactive measures towards banking system stability strengthening emergency liquidity assistance as well as crisis preparedness and management.
Chairman of Advocata Institute Murtaza Jafferjee emphasised that the only way for Sri Lanka to achieve economic growth is to improve productivity via implementation of market system and competition and it has no room for experiment.
Standard Chartered Chief Executive Officer Bingumal Thewarathanthri stated that Central Bank’s intervention to control the rupee has been curtailed through the new Central Bank Act and International Monetary Fund (IMF) directions.
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