Economics

Sri Lanka Names Former FX In-Charge as New Central Bank Governor

Nation facing severe shortage of dollars to pay for food, fuel
Departing Governor Cabraal submitted his resignation Monday

WATCH: Sri Lanka appoints a former central bank official as the new governor after incumbent submitted his resignation in line with the ruling cabinet. Protests over soaring inflation continued Monday.Source: Bloomberg

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By Anusha Ondaatjie

April 4, 2022 at 4:36 PM UTC

Updated on

April 5, 2022 at 1:35 AM UTC

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P. Nandalal Weerasinghe, a career central banker, was appointed to head Sri Lanka’s monetary authority as the government seeks to pull the South Asian nation out of an economic tailspin, avoid a bond default and start aid talks with the International Monetary Fund.

Currently a deputy governor after a stint with the IMF, Weerasinghe expects to take over as governor of the Central Bank of Sri Lanka on April 7, he said by phone from Australia. He will be replacing Ajith Nivard Cabraal who resigned Monday after failing to check a spiraling economic crisis and resisting aid from the multilateral lender.