Cabraal new Governor Central Bank [Thursday, June 22, 2006- 10.35 GMT]

Ajith Nivard Cabraal is the new Governor of the Central Bank of Sri Lanka. He was appointed by President Mahinda Rajapaksa today.

Up until his appointment as Governor today Mr. Cabraal acted as an Adviser to President Mahinda Rajapaksa on Economic Affairs and as Secretary to the Ministry of Plan Implementation.

He held the same post as Adviser on Economic Affairs to President Rajapaksa during his tenure as Prime Minister. Cabraal was closely associated in the development of the “Mahinda Chintana” which currently serves as the Policy Framework and Development Plan of the Government.

The Ministry of Plan Implementation is entrusted with the responsibility of implementing the “Mahinda Chintana” in the country over the next six years.

Mr. Cabraal also serves as a Member of the Board of the Strategic Enterprises Management Agency (SEMA) which is responsible for the supervision of the 20 most important public institutions of the country, including the State Banks and Public Utilities (Electricity, Petroleum, Water, Railways, Road Transport, Ports, Airports, etc.).

He was also a Member of the Government Team that participated at the Geneva Talks with the LTTE in February this year. Mr. Cabraal also represented the Government in the Millennium Challenge Fund negotiations with the US Government.

Mr. Cabraal is an Eisenhower Fellow and was an internationally recognized Consultant in Corporate Governance. He was the Founder Chairman of the Corporate Governance Committee which developed the Code of Best Practice on Corporate Governance in Sri Lanka. He also served as the President of the Business Recovery and Insolvency Practitioners Association of Sri Lanka. He is a Past President of the Institute of Chartered Accountants of Sri Lanka, South Asian Federation of Accountants and St. Peter’s College Old Boys Union. Further, Mr. Cabraal has served on the Boards of the Securities and Exchange Commission, National Institute of Business Management, Post Graduate Institute of Management and the University of Moratuwa.

He is the author of the books, “Towards a Sri Lankan Renaissance” which is a collection of strategies for the future development of the country and “Lak Mawata Muthu Potak” (A string of Pearls for Mother Lanka) a collection of over 60 short essays that he contributed to popular national newspapers over the period 2003 to 2004.

Prior to his current appointments, Mr. Cabraal had established his own management consultancy practice which specialized in Business Revival and Turnarounds, Corporate Governance, Top Management training, Corporate Planning and Business Valuations. During such period, he served as a Director of several quoted and unquoted public companies. He also founded Capital Reach Holdings Ltd., a financial services holding company, which company he served as the Chairman until December 2005 at which time, he resigned from all private sector positions to take up public office.

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Last Updated Date: June 22, 2006 -10.35 GMT