Home Business Cabraal wants Central Bank Governorship elevated to Cabinet rank

Cabraal wants Central Bank Governorship elevated to Cabinet rank

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Nivard Cabraal yesterday justified his request to elevate the post of Central Bank Governorship to the rank of a cabinet minister.

“There is nothing wrong in giving that kind of recognition. The Cabinet ranking is not only for me. I will finish this and go, but others to follow will have that recognition,” Cabraal told the Daily FT after assuming duties as the 16th Governor of the Bank and his third term in the role.

Noting that the Central Bank Governor controls the main features of the entire economy, Cabraal said the role was more demanding than that of a cabinet minister who may be having just an area of a particular portfolio.

“When we go into meeting global leaders, this kind of recognition helps. In Singapore you have the Cabinet recognition for the Central Bank Governor,” he added.

When asked if the approval had been granted by the higher authorities, Cabraal said that they would do it soon.

“With 33 years of chartered accountant experience, I could work for a salary of Rs. 70,000. During one of my previous terms as Governor, I worked for a salary of Rs. 70,000. That is the contribution we are making to the country,” quipped Cabraal, adding that since President Gotabaya Rajapaksa assumed office he was requested or offered the CB Governor post but turned it down many times. “However, this time considering the turbulent times I didn’t want to refuse in the national interest,” said Cabraal, who resigned as MP and State Minister of Money, Capital Markets and Public Enterprises Reform on Tuesday to take up the new role.

Daily FT

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