brand logo

Nandalal to continue as governor amidst newfound political stability 

20 May 2022

  • Revokes previous resignation warning
By Madhusha Thavapalakumar Central Bank of Sri Lanka (CBSL) Governor Dr. Nandalal Weerasinghe, who last week warned that he would resign from his post if the political instability at the time continued, yesterday (19) expressed his intention to continue to hold onto the post. During the monetary policy review press conference yesterday (19), Dr. Weerasinghe stated that there has been a significant improvement compared to the social and political instability that reached its peak in the forms of social unrest and violence at the time he made his prior statement. He added that he had made the statement on his plan to step down in the coming week or two, on the grounds of persisting political and social instability, which was viewed as a hindrance to the Central Bank of Sri Lanka addressing the economic woes.  “I intend to continue, as improvements have been made in terms of social and political stability,” Dr. Weerasinghe stated.  Dr. Weerasinghe who was appointed to revive the falling economy last week issued a two-week ultimatum, stating that he would resign in a week or two if the political stability was not restored.  “When I expressed my willingness to accept this post, the Mirihana incident had not taken place, and it was the first incident which led to political unrest. My expectation was that this would be stable in two weeks. Last Monday (9), the situation got aggravated,” Dr. Weerasinghe said last week. He further noted that unless all political parties contribute in ensuring the stability in the country within a week or two, no CBSL Governor would be able to manage the crisis, and there would be no point in being the CBSL Governor.  He reiterated that all the political parties in the country have a responsibility to restore the stability in the country to go forward in providing a political solution; however, they have not provided suggestions to achieve stability.


More News..