Cabraal not the best option for CBSL - Sajith | Daily News

Cabraal not the best option for CBSL - Sajith

Opposition Leader Sajith Premadasa opposed the appointment of a former MP as the Central Bank (CB) Governor and said such appointments should be given to a person who has never had any political affiliation.

He said a Governor should be completely free from politics, so that he can take independent decisions for the betterment of the country.

The Opposition Leader said generally the CB Governor is taking decisions in related to all financial matters of the Government and control the country’s

financial sector, so that the CB Governor should be an independent body.

Highlighting examples, the Opposition Leader said the objective of Central Banks in many other countries is to improve the economies and provide an excellent living conditions to citizens, but appointing a CB Governor who has political affiliations has to take decisions according to the wishes of politicians even sometimes without considering the economy situation in the country.

People in this country have lost their faith of a person who has not an excellent history to hold the position of a Governor in the country’s most important institutions such as the Central Bank which is highly regarded as the backbone of the ‘country’s economy. The Opposition Leader further says that appointing such a person to the Central Bank as the Governor even foreign investors will lose their interest of investing here.He said even the economies of countries like Argentina, Hungary and Zimbabwe collapsed due to the irresponsible financial decisions taken by their Central Banks and subsequently their economies collapsed and as a result the cost of living escalated.

The Opposition Leader said investors will lose confidence in the country.

He said people in this country will never forget the days when the Ceylon Petroleum Corporation lost millions of dollars due to the Hedging transaction that took place during the time of Cabraal. During his tenure he misused the Employees Provident Fund (EPF) and the Employees Trust Fund (ETF). The COPE committee report has also mentioned this.

“He was the Finance State Minister in the present Government and these are more than enough for him not to accept the post of Central Bank Governor,”he said.

In addition Cabraal has also had a close rapport with an American citizen named Zuberi now serving a 12 year jail term for indulging in an illegal financial transaction. Therefore, as the Opposition Leader I request the Government not to appoint him as the Central Bank Governor.


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