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{{main|Sri Lankan economic crisis (2019–Present)}} |
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Cabraal assumed his second term as governor of the central bank 15 September 2021 at a time Sri Lanka was facing a major [[debt crisis]].<ref>{{cite news |title=Cabraal assumes duties: Reveals first & urgent priority |url=https://www.newswire.lk/2021/09/15/cabraal-assumes-duties-reveals-first-urgent-priority/?fbclid=IwAR1CXdLmzIVpIHmQzOMr_5zTjnTO3iQBarf5drc256eeomcSAmjQJX4Z7MU |access-date=16 September 2021 |publisher=newswire.lk}}</ref><ref>{{Cite web|date=2021-09-13|title=President appoints Ajith Nivard Cabraal as new Central Bank Governor|url=https://www.newswire.lk/2021/09/13/president-appoints-ajith-nivard-cabraal-as-new-central-bank-governor/|access-date=2021-09-14|website=NewsWire|language=en-US}}</ref> He requested for and gained cabinet rank as the Governor of the Central Bank.<ref>{{cite news |title=CBSL Governor given Cabinet rank, goes up in Table of Precedence |url=https://www.ft.lk/front-page/CBSL-Governor-given-Cabinet-rank-goes-up-in-Table-of-Precedence/44-724924 |access-date=11 March 2022 |publisher=The Financial TImes}}</ref> Cabraal apposed an [[IMF]] bailout in favor of a home grown solution for the debt crisis. Having depleted foreign currency reserves and gold reserves to boaster the Sri Lankan Rupee and repayment of sovereign bonds, the central bank free floated of the currency in early March which saw a 30% depreciation of the Rupee against the dollar in days following major shortages of fuel, food and medicine.<ref>{{cite news |title=Sri Lanka does not need the IMF at the moment, no default: Minister Cabraal |url=https://economynext.com/sri-lanka-does-not-need-the-imf-at-the-moment-no-default-minister-cabraal-85769/ |access-date=11 March 2022 |publisher=economynext.com}}</ref><ref>{{cite news |title=Sri Lanka to start debt restructuring discussion with IMF – Reuters |url=https://economynext.com/sri-lanka-to-start-debt-restructuring-discussion-with-imf-reuters-91564/ |access-date=11 March 2022 |publisher=economynext.com}}</ref><ref>{{cite news |title=CB chief sees negative fallouts from IMF deal |url=https://island.lk/cb-chief-sees-negative-fallouts-from-imf-deal/ |access-date=11 March 2022 |publisher=island.lk}}</ref> |
Cabraal assumed his second term as governor of the central bank 15 September 2021 at a time Sri Lanka was facing a major [[debt crisis]].<ref>{{cite news |title=Cabraal assumes duties: Reveals first & urgent priority |url=https://www.newswire.lk/2021/09/15/cabraal-assumes-duties-reveals-first-urgent-priority/?fbclid=IwAR1CXdLmzIVpIHmQzOMr_5zTjnTO3iQBarf5drc256eeomcSAmjQJX4Z7MU |access-date=16 September 2021 |publisher=newswire.lk}}</ref><ref>{{Cite web|date=2021-09-13|title=President appoints Ajith Nivard Cabraal as new Central Bank Governor|url=https://www.newswire.lk/2021/09/13/president-appoints-ajith-nivard-cabraal-as-new-central-bank-governor/|access-date=2021-09-14|website=NewsWire|language=en-US}}</ref> He requested for and gained cabinet rank as the Governor of the Central Bank.<ref>{{cite news |title=CBSL Governor given Cabinet rank, goes up in Table of Precedence |url=https://www.ft.lk/front-page/CBSL-Governor-given-Cabinet-rank-goes-up-in-Table-of-Precedence/44-724924 |access-date=11 March 2022 |publisher=The Financial TImes}}</ref> Cabraal apposed an [[IMF]] bailout in favor of a home grown solution for the debt crisis. Having depleted foreign currency reserves and gold reserves to boaster the Sri Lankan Rupee and repayment of sovereign bonds, the central bank free floated of the currency in early March which saw a 30% depreciation of the Rupee against the dollar in days following major shortages of fuel, food and medicine.<ref>{{cite news |title=Sri Lanka does not need the IMF at the moment, no default: Minister Cabraal |url=https://economynext.com/sri-lanka-does-not-need-the-imf-at-the-moment-no-default-minister-cabraal-85769/ |access-date=11 March 2022 |publisher=economynext.com}}</ref><ref>{{cite news |title=Sri Lanka to start debt restructuring discussion with IMF – Reuters |url=https://economynext.com/sri-lanka-to-start-debt-restructuring-discussion-with-imf-reuters-91564/ |access-date=11 March 2022 |publisher=economynext.com}}</ref><ref>{{cite news |title=CB chief sees negative fallouts from IMF deal |url=https://island.lk/cb-chief-sees-negative-fallouts-from-imf-deal/ |access-date=11 March 2022 |publisher=island.lk}}</ref> |
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He is accused of running the economy of the country to the ground within 6 months ever since he came to the fore as CBSL governor for second term. He has been accused of being a political puppet to Sri Lankan government led by Rajapaksas. During his tenure, Central Bank was engaged in printing in excess of trillions of money to finance the budget and economic crisis.<ref>{{Cite web |date=2022-01-14 |title=Cabraal reveals how much money Sri Lanka printed in 2021 |url=https://www.newswire.lk/2022/01/15/cabraal-reveals-how-much-money-sri-lanka-printed-in-2021/ |access-date=2022-04-04 |website=NewsWire |language=en-US}}</ref> He has also reportedly issued guidelines on increasing money printing based on the commands he received from Rajapaksa government.<ref>{{Cite web |title=Money printing is like drastic treatment to a major illness - Ajith Nivard Cabraal - Opinion {{!}} Daily Mirror |url=https://www.dailymirror.lk/opinion/Money-printing-is-like-drastic-treatment-to-a-major-illness-Ajith-Nivard-Cabraal/231-217302 |access-date=2022-04-04 |website=www.dailymirror.lk |language=English}}</ref><ref>{{Cite web |title=CB likely to continue money expansion, direct controls {{!}} Daily FT |url=https://www.ft.lk/columns/CB-likely-to-continue-money-expansion--direct-controls/4-723299 |access-date=2022-04-04 |website=www.ft.lk |language=English}}</ref> His policies as governor resulted in a catastrophic economic situation for Sri Lanka as inflation skyrocketed due to too much money printing.<ref>{{Cite web |date=2022-01-07 |title=Sajith on Cabraal-Economics: Does money-printing have no repurcussions? |url=https://www.newsfirst.lk/2022/01/07/sajith-on-cabraal-economics-does-money-printing-have-no-repurcussions/ |access-date=2022-04-04 |website=Sri Lanka News - Newsfirst |language=en}}</ref> The value of Sri Lankan rupee started to decline after his attempts to increase the money supply in circulation and purchasing power of public also declined. He even made a bizarre claim by saying there is no relationship between money printing and depreciation of local currency in foreign exchange market. During his tenure, CBSL allegedly printed Rs. 22.27 billion rupees overnight on 14 March 2022.<ref>{{Cite web |date=2022-03-15 |title=Central Bank prints Rs. 22.27 bn overnight |url=http://www.themorning.lk/central-bank-prints-rs-22-27-bn-overnight/ |access-date=2022-04-04 |website=The Morning - Sri Lanka News |language=en-US}}</ref> |
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Despite the growing concerns over the inflationary pressure, he insisted in January 2022 that Sri Lanka does not need [[International Monetary Fund|IMF]] relief, as he was optimistic that Sri Lanka can settle its mandatory outstanding debt, including its international sovereign debts.<ref>{{Cite web |last=Bala |first=Sumathi |date=2022-01-24 |title=Sri Lanka's central bank governor says country does not need IMF relief amid inflation concerns |url=https://www.cnbc.com/2022/01/24/sri-lankas-central-bank-governor-says-imf-relief-is-not-necessary.html |access-date=2022-04-04 |website=CNBC |language=en}}</ref> But the finance minister [[Basil Rajapaksa]] however contradicted with Cabraal's stance on IMF indicating Sri Lanka should seek IMF assistance. The contrasting opinions between them on seeking IMF bailout package created a major rift between Basil Rajapaksa and Ajith Nivaad Cabraal and the creative differences between them also aggravated the severe economic downturn of Sri Lanka.<ref>{{Cite web |date=2022-03-23 |title=IMF assistance sought but Sri Lanka must be mindful of its core policies: central bank chief |url=https://economynext.com/imf-assistance-sought-but-sri-lanka-must-be-mindful-of-its-core-policies-central-bank-chief-91968 |access-date=2022-04-04 |website=EconomyNext |language=en}}</ref> |
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On 4 April 2022, he resigned from his position as CBSL governor due to his incompetence and his resignation came as a wakeup call amid the [[2022 Sri Lankan protests|growing protests over economic crisis]].<ref>{{Cite web |date=2022-04-04 |title=Sri Lanka central bank Governor Nivard Cabraal resigns |url=https://economynext.com/sri-lanka-central-bank-governor-nivard-cabraal-resigns-92529 |access-date=2022-04-04 |website=EconomyNext |language=en}}</ref> |
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== Writings == |
== Writings == |
Revision as of 11:43, 4 April 2022
Ajith Nivard Cabraal | |
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අජිත් නිවාඩ් කබ්රාල් அஜித் நிவர்ட் கப்ரால் | |
Governor of the Central Bank of Sri Lanka | |
Assumed office 15 September 2021 | |
Preceded by | W. D. Lakshman |
In office 1 July 2006 – 9 January 2015 | |
Preceded by | Sunil Mendis |
Succeeded by | Arjuna Mahendran |
State Minister of Money and Capital Markets and State Enterprise Reform | |
In office 12 August 2020 – 13 September 2021 | |
Secretary to the Ministry of Plan Implementation | |
In office 1 November 2005 – 1 July 2006 | |
Member of Parliament for National List | |
In office 2020–2021 | |
Succeeded by | Jayantha Ketagoda |
Personal details | |
Born | Tangalle, Ceylon | 14 December 1954
Nationality | Sri Lankan |
Political party | Sri Lanka Podujana Peramuna |
Other political affiliations | Sri Lanka People's Freedom Alliance United People's Freedom Alliance United National Party |
Spouse | Roshini Cabraal |
Alma mater | St. Peter's College, Colombo |
Profession | Accountant |
Website | www |
Ajith Nivard Cabraal (Sinhala: අජිත් නිවාඩ් කබ්රාල්) (born 14 December 1954) is a Sri Lankan accountant and politician who is also the current and 16th Governor of the Central Bank of Sri Lanka.[1] He is also the former State Minister of Finance, Capital Markets and State Enterprise Reforms and a national list member of parliament since 12 August 2020. He served as the Governor of the Central Bank of Sri Lanka, holding the post from 1 July 2006 until his resignation on 9 January 2015.[2][3] He again became the Governor of Central Bank of Sri Lanka in September 2021 replacing W. D. Lakshman.[4]
Early life and education
Born in Tangalle to Dr Leslie Cabraal, a medical practitioner and Trixie Cabraal; he had four siblings. Cabraal was educated at St. Peter's College, Colombo thereafter qualified as a Chartered accountant from the Institute of Chartered Accountants of Sri Lanka.
Private sector career
Cabraal started his career as an accountant in the private sector and established a management consulting firm called the Cabraal Consulting Group specialized on corporate governance (strategic planning, mediation) and turnarounds. In 2000, he gained an Eisenhower Fellowship.[5] In 1996–1999 he was also the president of the St Peter's College Old Boys' Union.[6]
Political career
Western provincial council
He started his political career as a member of the United National Party when he contested the provincial council elections in 1999 and was elected to the Provincial council of the Western Province and served till 2004.[7]
Chief economic advisor
Having first met Mahinda Rajapaksa, who was studying law at Sri Lanka Law College when Cabraal was an accountancy student, having crossed over from the United National Party, he quickly became a close confidant of newly appointed Prime Minister Rajapaksa in 2004. Cabraal was chief economic advisor to Mahinda Rajapaksa during the latter's term as prime minister, contributing to his presidential election manifesto (Mahinda Chintana).[8][2] In 2005, he left the private sector and was appointed Secretary to the Ministry of Plan Implementation.[9][10] In February 2006, Cabraal was involved in talks with the Tamil Tigers in Geneva.[9]
He served as board member of several organizations which included the Institute of Chartered Accountants of Sri Lanka, South Asian Federation of Accountants, Business Recovery and Insolvency Practitioners Association of Sri Lanka, National Institute of Business Management, Postgraduate Institute of Management, University of Moratuwa, Securities and Exchange Commission of Sri Lanka, the Strategic Enterprises Management Agency, Sri Lanka Accounting and Auditing Standards Monitoring Board, Committee on Corporate Governance in Sri Lanka.[11][9] He was also a past president of the Institute of Chartered Accountants of Sri Lanka and also held the positions of President of the South Asian Federation of Accountants.[12]
Governor of the Central Bank - first term
On 1 July 2006, Cabraal was appointed governor of the Central Bank of Sri Lanka by President Rajapaksa effective till 30 June 2010. He was given an extension of six years from July 1, 2010, to June 30, 2016.[7] During his period as the Governor he also functioned as an Alternate Governor of the International Monetary Fund, the Chairman of the South East Asian Central Banks (SEACEN) Board of Governors, and the Chairman of the SAARC Central Bank Governors Forum.[13] Following the 2015 presidential election, he resigned on 9 January 2015 so that the new President of Sri Lanka can appoint a new Governor of the Central Bank of Sri Lanka. He was accused of financial misappropriation following investment in Greek sovereign bonds which resulted in a major loss to the government during his first term.[14]
Sri Lanka Podujana Peramuna
Becoming a foundering member of the Sri Lanka Podujana Peramuna the political party formed by Mahinda Rajapaksa. In 2019 Cabraal a cathodic, was presented the honor "Desha Keerthi Lanka Puthra" by Venerable Galapitiyagama Wimaladhamma Thera of the Rāmañña Nikāya for his services to the country and the economy.[15] From December 2019 to August 2020, Cabraal served as a senior advisor to prime minister on economic affairs[16] and was appointed as a Board Member of the "Api Wenuwen Api" fund on the 21st of January 2020 under the Ministry of Defence.[17]
State Minister of Money and Capital Markets and State Enterprise Reform
Cabraal was appointed to the Parliament of Sri Lanka from the national list of the Sri Lanka Podujana Peramuna after the 2020 Sri Lankan parliamentary election. He was thereafter appointed State Minister of Finance, Capital Markets and State Enterprise Reforms by President Gotabaya Rajapaksa in August 2020 serving under the Minister of Finance Mahinda Rajapaksa. He also functions as a member of the Committee On Public Enterprises (Sri Lanka)[18] and the Ministerial Consultative Committee on Finance.[19] He resigned as state minister and member of parliament on 13 September 2020 to take the post of governor of the central bank.[20][21][22][23]
Governor of the Central Bank - second term
Cabraal assumed his second term as governor of the central bank 15 September 2021 at a time Sri Lanka was facing a major debt crisis.[24][25] He requested for and gained cabinet rank as the Governor of the Central Bank.[26] Cabraal apposed an IMF bailout in favor of a home grown solution for the debt crisis. Having depleted foreign currency reserves and gold reserves to boaster the Sri Lankan Rupee and repayment of sovereign bonds, the central bank free floated of the currency in early March which saw a 30% depreciation of the Rupee against the dollar in days following major shortages of fuel, food and medicine.[27][28][29]
Writings
Cabraal has authored three books.
- The Great Bond-Scam Coverup (2019),[30]
- ලක් මවට මුතු පොටක් (2004)[31]
- Towards a Sri Lankan Renaissance (2002),[32]
References
- ^ "Ajith Nivard Cabraal appointed as CBSL Governor". Sri Lanka News - Newsfirst. 2021-09-13. Retrieved 2021-09-14.
- ^ a b "PROFILE-Sri Lanka's Central Bank Governor Ajith Nivard Cabraal". Reuters.com. Reuters. Retrieved 30 December 2017.
- ^ "Press Release: Governor Ajith Nivard Cabraal – 2006 to 2015" (PDF). CBSL.gov.lk. Central Bank of Sri Lanka. Archived from the original (PDF) on 2016-07-06. Retrieved 30 December 2017.
- ^ "Ajith Nivard Cabraal appointed CBSL Governor once again". www.adaderana.lk. Retrieved 2021-09-14.
- ^ Multi nation program fellows Archived 2012-05-02 at the Wayback Machine, Eisenhower Fellowships Sri Lanka.
- ^ "Past Presidents". StPetersOBU.com. St Peter's College Old Boys' Union. Archived from the original on 2014-06-27. Retrieved 30 December 2017.
- ^ a b Perera, K. K. S. "Forensic prompts Cynics; Ignores Basics: Nation Faces the Music". Daily Mirror. Retrieved 10 September 2021.
- ^ Bahree, Megha (29 April 2010). "Sri Lanka: Ready For Business". Forbes.
- ^ a b c "New central Bank Governor assumes duties today". Archived from the original on 2011-07-25. Retrieved 2010-02-24.
{{cite web}}
: CS1 maint: bot: original URL status unknown (link), press release of Ministry of Finance & Planning, 3 July 2006. - ^ "|| Financial". archives.dailynews.lk. Retrieved 2021-09-14.
- ^ The Team Archived 2012-04-26 at the Wayback Machine, Cabraal Consulting.
- ^ "Chartered accountants felicitate State Minister of Finance Cabraal | Daily FT". www.ft.lk. Retrieved 2021-09-14.
- ^ "State Minister of Money & Capital Market and State Enterprise Reforms - HOME". oldportal.treasury.gov.lk. Retrieved 2021-09-14.
- ^ Dr. D.B.Nihalsingha. "The Greek tragedy: Drowning in debt Sri Lankan implications By". Sunday Times. Retrieved 14 March 2022.
- ^ "PressReader.com - Digital Newspaper & Magazine Subscriptions". www.pressreader.com. Retrieved 2021-09-14.
- ^ "Nivard Cabraal appointed senior advisor to Sri Lanka PM". EconomyNext. 2019-11-28. Retrieved 2021-09-14.
- ^ "Cabraal appointed board member of 'Api Venuwen Api' fund". The Morning - Sri Lanka News. 2020-01-21. Retrieved 2021-09-14.
- ^ "Parliament of Sri Lanka - Committee on Public Enterprises". www.parliament.lk. Retrieved 2021-09-14.
- ^ "Parliament of Sri Lanka - Ministerial Consultative Committee on Finance". www.parliament.lk. Retrieved 2021-09-14.
- ^ "Parliamentarian Ajith Nivard Cabraal resigns from his position as a Member of Parliament". news.lk. Retrieved 16 September 2021.
- ^ "Nivard Cabraal resigns from Sri Lanka parliament ahead of being made CB chief". EconomyNext. 2021-09-13. Retrieved 2021-09-14.
- ^ "Cabraal hands in letter of resignation". www.adaderana.lk. Retrieved 2021-09-14.
- ^ "Cabraal to return to CBSL as governor on 15th Sept, assures to uplift economy". Sri Lanka News - Newsfirst. 2021-09-13. Retrieved 2021-09-14.
- ^ "Cabraal assumes duties: Reveals first & urgent priority". newswire.lk. Retrieved 16 September 2021.
- ^ "President appoints Ajith Nivard Cabraal as new Central Bank Governor". NewsWire. 2021-09-13. Retrieved 2021-09-14.
- ^ "CBSL Governor given Cabinet rank, goes up in Table of Precedence". The Financial TImes. Retrieved 11 March 2022.
- ^ "Sri Lanka does not need the IMF at the moment, no default: Minister Cabraal". economynext.com. Retrieved 11 March 2022.
- ^ "Sri Lanka to start debt restructuring discussion with IMF – Reuters". economynext.com. Retrieved 11 March 2022.
- ^ "CB chief sees negative fallouts from IMF deal". island.lk. Retrieved 11 March 2022.
- ^ Cabraal, Ajith Nivard. The Great Bondscam Cover-Up, The Mother of All Cover-Ups.
- ^ http://opac.lib.sjp.ac.lk/cgi-bin/koha/opac-detail.pl?biblionumber=105389&query_desc=su%3A%7BEconomics%7D%20and%20itype%3ALM%20and%20su-to%3AEconomics%20and%20su-to%3AEconomics
- ^ Cabraal, Ajith Nivard (2002). Towards a Sri Lankan Renaissance--: Simple Ideas that Will Change the Future. ISBN 9789558744000.
External links
- Ajith Cabraal on Twitter
- Ajith Cabraal on Facebook
- "Sri Lanka: Ajith Nivard Cabraal set to become the new Central Bank Governor". WION. September 14, 2021.