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Head Crisis at Central Bank

Head Crisis at Central Bank Featured

12 January 2015
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The Central Bank is said to be in crisis following the resignation of its head Ajith Nivard Cabraal and the absence of a successor in his place to authorize and issue directions in the functioning of day to day affairs.

According to the Financial Act clause 24, an Authority has to be named in the event of the governor of the Central Bank vacating his post.

As such there is still no Central Bank governor appointed in keeping in commercial banking regulations.

The Central Bank is administered by a Board of five members that includes the governor. Already one other member Nimal Welgama has also tendered his resignation.

Meanwhile Prof RHS Samaratunga is to assume duties today (January 12) as the Financial Secretary replacing Prof PB Jayasundera.

Source - Randora

Last modified on Monday, 12 January 2015 11:36
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