Sri Lanka Facing 'Worst Economic Crisis', New Central Bank Governor Appointed

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyunjung] Sri Lanka, facing severe dollar shortages and economic difficulties, has appointed former central bank (CBSL) governor Nandalal Weerasinghe as the new governor, Bloomberg reported on the 4th (local time).

Governor Weerasinghe will assume office as central bank governor on the 7th, and the monetary authority's spokesperson also confirmed this. The individual himself told Bloomberg in a phone call, "I received an offer for the position and decided to accept it," the agency reported.

On the same day, current governor Ajith Nivard Cabraal resigned following the ruling cabinet's resignation, and further monetary policy reviews were indefinitely postponed.

Currently experiencing the sharpest inflation in Asia along with shortages of food and fuel, Sri Lanka is facing escalating civil unrest due to public dissatisfaction. In particular, there are demands for the removal of policymakers who had long expressed strong opposition to the International Monetary Fund (IMF) bailout application.

Governor Weerasinghe was appointed deputy governor of the central bank in 2011 while serving as IMF deputy managing director, and has served as chairman of the CBSL's Monetary Policy Committee and Foreign Exchange Reserves Management Committee.

This content was produced with the assistance of AI translation services.