Sri Lanka’s CB chief rated ‘A’ by GFM for inflation control

Sri Lanka
By Editor_1
Central Bank chief Nandalal Weerasinghe says Sri Lanka aims to conclude its debt restructuring process by year-end - Eranga Jayawardena/AP/File

COLOMBO – Sri Lanka’s Central Bank Governor Nandalal Weerasinghe has been rated ‘A’ by prestigious Global Finance Magazine (GFM), the central bank said.

Weerasinghe was appointed as the governor when the island nation was hit by economic crisis before declaring sovereign debt default.

Under his governorship, a tight monetary policy was maintained for an International Monetary Fund 9IMF)-favoured inflation targeting. The annual inflation eased to 4% in August under a new index, compared to 51.4% in January this year.

“It is a pleasure to note that Governor Dr Nandalal Weerasinghe has been rated ‘A-’ by the Global Finance Magazine,” the central bank said in its official Twitter feed.

The Global Finances Report Cards 2023 ranked Central Bank Governors from ‘A’ to ‘F’ of 101 countries based on inflation control, economic growth goals, currency stability, and interest rate management. The Magazine grades governors since 1994, it said.

Sri Lanka’s inflation has returned to desired mid-single digit levels in recent months from historic highs recorded in 2022, interest rates are being normalized, and volatility in the exchange rate has been curtailed, the central bank said, forecasting that the economy is set to record positive growth from the latter part of 2023, with firming investor sentiments.

-economynext.com

Editor_1
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