CBSL to support COPE in bond scam inquiry says Governor

By Hiran H.Senewiratne-July 6, 2016, 6:46 pm 

The new Governor of the Central Bank Dr. Indrajit Coomaraswamy said that the Bank will provide its fullest support to the Committee on Public Enterprises (COPE) that is inquiring into the bond issue.

"Parliament, being the main body, is inquiring into the bond scam and the Central Bank's task is to support and assist in those investigations, the Governor said while addressing the media after assuming duties as the new Governor of the CBSL. The event was held on Monday at Central Bank auditorium, Colombo.

He also said that the Bank is looking at various options to get into the bond market in as transparent a manner as possible to prevent any manipulations in the future.

"At this moment, the main challenge before the government is to ensure economic stability and achieve sustainable economic growth from a medium to long term perspective. To achieve that, strong macro economic fundamentals and fiscal and monetary systems should be in place, Coomaraswamy said.

" Sri Lanka has great potential to get into a major leap forward development trajectory, if macro economic fundamental are in place due to Lanka's strategic location and considering that Asia is a dynamic region where economic development activities are concerned."

He said the first step would be to build a platform for macroeconomic stability with strong macroeconomic fundamentals to build a stable financial sector so that people within the country and outside could have confidence in the system.

Recalling the beginning of his career at the Central Bank in the '70s Coomaraswamy said this appointment is "like coming back home after a long absence."

Recalling the President's instructions to him on his appointment to, "Do your work in a straight forward way, and do not fear anybody in discharging your duties", the Governor said his intention is to follow this directive and carry out his functions honestly.

Coomaraswamy said when he met the Prime Minister, the latter laid out his five year vision for the country and said there is a big role for the Central Bank to play in it.

Insisting on team work, the Governor said there is enormous talent within the institution, but "we need to be absolutely together for that talent to bear fruit."

Outlining his vision for the Central Bank's culture, he said the Central Bank has to set the tone, framework for everything else and it should be built on "Integrity, Technical Excellence and Professionalism." He added that he wanted to encourage discussion, debate and openness.

"I am very keen that the Central Bank does its work independently, and in a technical way, and discreetly advises the government on what we think is the best way forward for those segments of policy and practice for which the Central Bank has responsibility, the Governor added.