Governor of the Central Bank of Sri Lanka
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| Governor of Central Bank of Sri Lanka | |
|---|---|
 | |
since 7 April 2022 | |
| Member of | Monetary Board of Central Bank of Sri Lanka |
| Residence | Bank House, Colombo |
| Appointer | President of Sri Lanka |
| Term length | 6 Years |
| Formation | 28 August 1950 |
| First holder | John Exter |
| Website | Governors of the Central Bank of Sri Lanka |
The Governor of the Central Bank of Sri Lanka (CBSL) functions as the chief executive of the Sri Lankan central bank. The post is the ex-officio chairperson of the Monetary Board of Central Bank of Sri Lanka. Since its establishment in 1950, the CBSL has been headed by sixteen governors. The governor has two deputies and several assistant governors. The inaugural officeholder was the American John Exter who served the Government of Sri Lanka in helping found the central bank. The position is currently held by Nandalal Weerasinghe who was appointed to the office on 8 April 2022.[1]
The Monetary Law Act, amended for the last time in 2014,[2][3] indicated "The Governor of the Central Bank shall be appointed by the President on the recommendation of the Minister in charge of the subject of Finance".[4] This was in effect during the 2015 appointment of Governor Arjuna Mahendran that preceded the Central Bank of Sri Lanka bond scandal.
In 2022, the Twenty-first Amendment to the Constitution expanded the scope of the Constitutional Council and required their approval for nominees for Governor of the Central Bank.[5] Thereafter, in 2023, the Central Bank of Sri Lanka Act replaced the Monetary Law Act and stipulated a specific new procedure for appointing Governors. The Minister of Finance must still recommend nominees for Governor,[6] but both the President and the Constitutional Council are allowed to reject nominees.[7]
Privileges
The term of office lasts for six years and includes several privileges in form of allowances. This includes use of the Bank House as the official residence, transport and security provided by the CBSL. The governor is entitled to a pension. In the order of precedence, the governor is equivalent to a cabinet minister.[8]