CB Governor’s appointment for 6 year term, Dep Governor clarifies

July 06, 2016 (LBO) – Deputy Governor of Sri Lanka’s Central Bank P Samarasiri clarifying media reports said the tenor of the new Governor is 6 years except under certain instances.

Samarasiri said the Monetary Law Act does not provide for interim appointments for a Central Bank Governor, speaking during a media conference on Tuesday.

“The Central Bank is an independent institution and the Governor’s appointment is a fixed tenor of 6 years,” he said.

“It is fixed for 6 years except for certain situations where he is unable to attend to duties and functions as Governor.”

Former Governor Arjuna Mahendran last month informed the Monetary Board that he will not seek re-appointment as a Parliamentary probe over bond sales was not complete.