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Why Central Bank Governor Nandalal Weerasinghe should Resign?

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God Father

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Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Why Central Bank Governor Nandalal Weerasinghe should Resign? Cbsl2010

Based on several accusations and criticisms against Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka, which could form the basis for calls for his resignation. These are summarized as follows:

Premeditated Debt Default: It is alleged that Nandalal Weerasinghe orchestrated Sri Lanka’s unprecedented debt default in April 2022 without parliamentary approval. This decision, seen as aligned with IMF strategies, severely impacted Sri Lanka’s economy, leading to economic contraction, job losses, and an increased cost of living​.

Alignment with IMF Policies: Weerasinghe is accused of closely aligning with the IMF’s austerity-driven policies, which included restructuring and privatizing state assets, increasing taxes, and cutting government spending. Critics argue that these measures worsened the economic situation and prioritized debt repayment to external creditors over the welfare of Sri Lankan citizens​.

Economic Sabotage: The document suggests that Weerasinghe may have been part of a broader conspiracy to bankrupt the country, with actions like allowing significant currency depreciation, high interest rates, and trade liberalization policies that allegedly favored international financial interests at the expense of domestic stability.

Undermining Alternative Solutions: Weerasinghe and other economic advisors are accused of discrediting alternative, locally-focused recovery solutions that could have mitigated the crisis. They allegedly pushed a narrative that portrayed IMF intervention as the only viable solution, sidelining voices advocating for more sustainable economic models​.

Given these accusations, calls for the Governor’s immediate resignation may stem from perceptions of mismanagement, loss of national sovereignty, and prioritization of external interests over the welfare of Sri Lanka's people.
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මහ බැංකු අධිපති නන්දලාල් වීරසිංහ ඉල්ලා අස්විය යුත්තේ ඇයි?

සැලසුම් සහගත ණය පැහැර හැරීම: 2022 අප්‍රේල් මාසයේදී පාර්ලිමේන්තු අනුමැතියකින් තොරව ශ්‍රී ලංකාවේ පූර්වාදර්ශ නොවූ ණය පැහැර හැරීම නන්දලාල් වීරසිංහ විසින් සැලසුම් කර ක්‍රියාත්මක කළ බවට චෝදනා එල්ල වේ. ජාත්‍යන්තර මූල්‍ය අරමුදලේ උපාය මාර්ගවලට අනුකූල වූ මෙම තීරණය ශ්‍රී ලංකා ආර්ථිකයට දැඩි ලෙස බලපා ඇති අතර, ආර්ථික හැකිලීම, රැකියා අහිමි වීම සහ ජීවන වියදම ඉහළ යාමට හේතු වී ඇත.

ජාත්‍යන්තර මූල්‍ය අරමුදලේ ප්‍රතිපත්ති සමඟ පෙළගැසීම: රාජ්‍ය වත්කම් ප්‍රතිව්‍යුහගත කිරීම හා පෞද්ගලීකරණය කිරීම, බදු ඉහළ නැංවීම සහ රජයේ වියදම් කපා හැරීම ඇතුළු ජාත්‍යන්තර මූල්‍ය අරමුදලේ කප්පාදු ප්‍රතිපත්ති සමඟ සමීපව පෙළගැසීම සම්බන්ධයෙන් වීරසිංහට චෝදනා එල්ල වේ. මෙම පියවර මගින් ආර්ථික තත්ත්වය තවදුරටත් නරක අතට හැරවූ අතර ශ්‍රී ලාංකික පුරවැසියන්ගේ සුබසාධනයට වඩා බාහිර ණය හිමියන්ට ණය ගෙවීමට ප්‍රමුඛතාවය දුන් බවට විවේචකයෝ තර්ක කරති.

ආර්ථික විනාශය: වීරසිංහ විශාල වශයෙන් මුදල් අවප්‍රමාණය වීමට ඉඩ දීම, ඉහළ පොලී අනුපාත සහ දේශීය ස්ථාවරත්වය වෙනුවට ජාත්‍යන්තර මූල්‍ය අවශ්‍යතාවලට වාසි සැලසෙන බවට චෝදනා එල්ල වන වෙළඳ ලිහිල්කරණ ප්‍රතිපත්ති වැනි ක්‍රියා සමඟ රට බංකොලොත් කිරීමේ පුළුල් කුමන්ත්‍රණයක කොටසක් විය හැකි බව මෙම ලේඛනයෙන් පෙන්වා දෙයි.

විකල්ප විසඳුම් දුර්වල කිරීම: වීරසිංහ සහ අනෙකුත් ආර්ථික උපදේශකයන් අර්බුදය අවම කිරීමට හැකිව තිබූ දේශීය කේන්ද්‍රීය විකල්ප ප්‍රතිසාධන විසඳුම් අපකීර්තියට පත් කළ බවට චෝදනා එල්ල වේ. ඔවුන් වඩාත් තිරසාර ආර්ථික ආකෘති සඳහා පෙනී සිටින හඬවල් පසෙකට දමමින් ජාත්‍යන්තර මූල්‍ය අරමුදලේ මැදිහත්වීම එකම ශක්‍යතා විසඳුම ලෙස නිරූපණය කරන කථිකාවක් ඉදිරිපත් කළ බව කියැවේ.

මෙම චෝදනා සැලකිල්ලට ගනිමින්, අධිපතිවරයාගේ වහාම ඉල්ලා අස්වීම සඳහා වන ඉල්ලීම් ඉස්මතු වී ඇත්තේ කළමනාකරණයේ දුර්වලතා, ජාතික ස්වාධීනත්වය අහිමි වීම සහ ශ්‍රී ලංකා ජනතාවගේ සුබසාධනයට වඩා බාහිර අවශ්‍යතාවලට ප්‍රමුඛත්වය දීම පිළිබඳ අවබෝධයන් මත පදනම්වය.

avatar

Post Tue Sep 24, 2024 11:25 am by D.G.Dayaratne

I ALSO EXPECTED NANDALAL WILL BE A GOOD GOVERNER OF CENTREL BANK COMPAIRING WITH NIVAD CABRAL.

I DO NOT THINK WORLD BANK AND OTHER INTERNATIONA FORCES WILL ALLOW HIM TO RESIGN.

IF HE DOES NOT AGREE WITH PRESENT GOVT POLICIES BEST THING IS TO RESIGN.

ANY WAY HE HAS DONE GOOD JOB COMPARING WITH REACENT PAST GOVERNERS INCLUDING OUR ECONOMICS GURU.



Last edited by D.G.Dayaratne on Tue Sep 24, 2024 11:45 am; edited 1 time in total (Reason for editing : typing error)

D.G.Dayaratne wrote:I ALSO EXPECTED NANDALAL WILL BE A GOOD GOVERNER OF CENTREL BANK COMPAIRING WITH NIVAD CABRAL.

I DO NOT THINK WORLD BANK AND OTHER INTERNATIONA FORCES WILL NOT ALLOW HIM TO RESIGN.

IF HE DOES NOT AGREE WITH PRESENT GOVT POLICIES BEST THING IS TO RESIGN.

ANY WAY HE HAS DONE GOOD JOB COMPARING WITH REACENT PAST GOVERNERS INCLUDING OUR ECONOMICS GURU.

Do you know about the Parliamentary act with regard to independence of CB and their activities? NW is untouchable

avatar

Post Tue Sep 24, 2024 11:48 am by D.G.Dayaratne

YES. BUT HE CAN RESIGN VOLUNTARALY

How to remove the Central Bank Governor as per Central Bank of Sri Lanka Act No. 16 of 2023.
Why Central Bank Governor Nandalal Weerasinghe should Resign? Scree487

Central Bank of Sri Lanka Act: https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/laws/acts/en/central_bank_of_sri_lanka_act_2023_e.pdf

Disqualification based on the criteria on Section 17

1. Conflict of Interest
If the Central Bank Pension Fund and the EPF (which is managed under the Central Bank's oversight) both have financial interests in investments where dividends are declared, the Governor may face a potential conflict of interest in prioritizing one fund over the other. This could arise if the Governor is a beneficiary of the Central Bank Pension Fund while also overseeing the management of the EPF.

Return on EPF vs Returns on CBSL Provident Funds

Why Central Bank Governor Nandalal Weerasinghe should Resign? Scree488

2. Declaration of Bankruptcy without approval

Why Central Bank Governor Nandalal Weerasinghe should Resign? Scree490

Central Bank Governor Nandala Weerasinghe declared Bankruptcy without the Approval of the Parliament.

https://www.ft.lk/top-story/Sri-Lanka-declares-bankruptcy/26-733409

3. Controversy relating to unilateral salary revision of CBSL Employees

The salaries of Central Bank employees have been adjusted by proportions of 29.53% to 79.97% under a triennial pay revision, despite the fiscal authority directive to tighten the belts of the public sector, but this has aroused indignation across the board.

Why Central Bank Governor Nandalal Weerasinghe should Resign? Scree491

https://www.sundaytimes.lk/240225/news/indignation-over-big-hike-in-salaries-for-cbsl-staff-550041.html

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