Ajith Cabraal to continue as CB Governor

Sri Lanka Central Bank Governor Ajith Nivard Cabraal’s services have been extended by another six years by the government. The extension is with effect from July 1, 2010.

Mr. Cabraal assumed duties as the twelfth Governor of the Central Bank. Prior to this appointment, Cabraal was the Adviser to President Mahinda Rajapaksa on Economic Affairs and Secretary, Ministry of Plan Implementation.

Cabraal also served as a Member of the Board of the Strategic Enterprises Management Agency (SEMA), which is responsible for the supervision of the twenty most important public institutions of the country, including the State Banks and Public Utilities (Electricity, Petroleum, Water, Railways, Road Transport, Ports and Airports). In addition, he was also a member of the Government Team that participated in the Geneva Talks with the LTTE in February 2006.

Cabraal also represented the Government in relation to the Millennium Challenge Fund negotiations with the US Government. During the period President Rajapaksa served as the Prime Minister, Cabraal was associated in the development of the “Mahinda Chintana” which currently serves as the Policy Framework and Development Plan of the Government.

A Chartered Accountant by profession, Cabraal is also an Eisenhower Fellow and a recognised consultant in Corporate Governance. He was the Founder Chairman of the Corporate Governance Committee which developed the Code of Best Practice on Corporate Governance in Sri Lanka. He was also the President of the Business Recovery and Insolvency Practitioners’ Association of Sri Lanka.

He is a Past President of the Institute of Chartered Accountants of Sri Lanka, South Asian Federation of Accountants and St. Peter’s College Old Boys’ Union. He has served on the Boards of the Securities and Exchange Commission, National Institute of Business Management, Post Graduate Institute of Management and the University of Moratuwa.

Prior to his appointment as the Secretary to the Ministry of Plan Implementation, Cabraal had established his own management consultancy practice. During this period, he was also Chairman and/or Director of several quoted and unquoted public companies until December 2005 at which time, he resigned from all private sector positions to take up public office.

Cabraal is the author of the books, “Towards a Sri Lankan Renaissance” which is a collection of strategies for the future development of the country and “Lak Mawata Muthu Potak” (A String of Pearls for Mother Lanka), a collection of over 60 short essays that Cabraal has contributed to popular national newspapers from 2003 to 2004. Cabraal succeeded Sunil Mendis who resigned after serving two years of his term of office on June 30, 2006. - (Background info courtesy Govt. Information Dept)