Financial Times

Development goals for CB

The Central Bank is hoping to play a bigger role in Sri Lanka’s development process – that’s one of the strategies of its new governor, Ajith Nivard Cabraal.

He said the Bank must be brought into the sphere of development. “The Central Bank while performing its current role can also be used as an instrument or a tool for the country in the overall development process and as a partner in the development process.”

In an interview, he said he planned to focus on this – in helping to push the government’s development goals and ensure a bigger role in the economy for the Central Bank . He disagreed with the view that the Central Bank was not an independent institution pointing out that there could be disagreements among officers and members of the Monetary Board but at the end of the day, decisions are taken that benefit the country.

“Disagreements or debate over certain issues can happen within closed doors but ultimately what must come out are decisions – through common agreement - that are good for the country.”

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