Cabraal well suited - Prof. Madduma Bandara

There is no set procedure to appoint the Governor of the Central Bank and past practice was that the government appointed the candidate which it thought best suited to the post, said Prof. Sunanda Madduma Bandara.

The first Governor was an American economist, he was followed by N. U. Jayawardene who was the deputy Governor of the Bank before his rise to the top. He, however resigned within a short period of time. Until 1977, most Central Bank Governors were drawn from the civil service.

D. B. Raja Pathirana, Arthur Ranasinghe, William Tennakoon and Herbert Tennakoon were among them. Since 1978, Deputy Governors were automatically promoted. Dr. Warnasena Rasaputra and Dr. Neville Karunatilake were two such appointees.

For a short while, a civil servant, H. B. Dissanayake was appointed. The last Governor, Sunil Mendis was neither a civil servant nor was an employee of the Central Bank, Prof. Bandara said commenting on the appointment of Ajith Nivard Cabraal as the new Governor of the Central Bank.

"Cabraal's curriculum vitae shows that he is the best brain in corporate governance. His academic and professional qualifications are well recognised," emphasised Prof. Madduma Bandara.

He rejected the doubts expressed by the UNP that Ajith Nivard Cabraal should not be appointed due to his close connections with the UPFA.

In 1978, President J. R. Jayewardene appointed the then UNP Chairman N. G. P. Panditharatne as a finance committee member of the Central Bank.

Charitha Ratwatte, who was the Secretary of the UNP till 2001 was appointed Treasury Secretary upon the election victory of Ranil Wickremesinghe.