Impunity Of The CB Governor Is Inconceivable Mr. President, It’s Time To Reflect Before Re-Appointment?
By Chandra Jayaratne –May 18, 2016
Chandra Jayaratne
Civil Society breathed a sigh of relief post “January 8th 2015 Change” and looked forward to commitments of Transparency, Good Governance, Rule of Law and Ethical Conduct of Leaders, returning, being respected and strictly complied with in governance.
The resignation midterm of the last Governor was indeed good news. The expectations were high upon the new appointee to serve the balance term being an ex- Central Banker, with requisite experience to give leadership to this important public institution. This view prevailed, despite Civil Society urging the consideration of a more recently retired Central Banker to be the choice. In any event, the civil society expected greater transparency, focus on delivering core accountabilities, assurance of effective macroeconomic governance, financial stability, effective disclosure, independent and integrity driven decision making and policy directives, coupled with giving independent advice to the government to be the core values driving the Central Bank. These expectations were to supplement assuring an end to the use of the Central Bank and its resources and policy making powers, to further political and personal objectives and seeing an end to conflicts of interest driven pump and dump style management of public resources of the EPF and suspect practices in long term bond issues.
Civil society, reflecting on the outcomes of Central Bank governance over the past 15 months can only conclude that their hopes have been dashed and that the governance platform and results realized are no better than under the previous regime. The new Governor must take total responsibility for this situation, as he has failed to live up to expectations of society. 