Nihal Fonseka back as Monetary Board Member

The Parliamentary Council decided on May 27 to concur with recommendation to appoint career banker Nihal Fonseka as a member of the Monetary Board of the Central Bank of Sri Lanka (CBSL).Fonseka has previously served as a member of the Monetary Board more than one time.

The decision to appoint Fonseka was taken at a meeting of the Parliamentary Council chaired by Speaker Mahinda Yapa Abeywardena yesterday.Prime Minister Ranil Wickremasinghe, Fisheries Minister Douglas Devananda and Opposition Member of Parliament Kabir Hashim were also present at the meeting.

With the appointment of Fonseka, the Monetary Board now consists of Central Bank Governor Dr. Nandalal Weerasinghe, Treasury Secretary Mahinda Siriwardana, Dr. Ranee Jayamaha, Sanjeewa Jayawardena PC and Nihal Fonseka.Fonseka has told Economy Next that he had thought hard before accepting the invitation. Fonseka has taken up the appointment at a time the country’s banking system is facing multiple challenges as a peg with the US dollar collapsed as a result of two years of money printing and sterilized forex sales depleted reserves, Economy Next said.