CB sets record straight on appointing new Monetary Board Secretary

The Central Bank this week defended the appointment of Assistant Governor J.P.R. Karunaratne as the new Secretary to the Monetary Board, replacing Assistant Governor K.M.A.N. Daulagala, with effect from the 15th of this month, claiming the move as the standard practice.

“responsibilities and functions assigned to all officers of the CBSL, including senior officers, are subject to change from time to time in the best interests of the CBSL, as determined by the management. Further, it should be noted that transfers of staff and rotation of officers in a financial institution is an essential and vital component of internal control and internal check,” the CB said in a statement 
on Tuesday.

Initially, Daulagala was appointed to the Deputy Secretary to the Monetary Board in late 2015, following the creation of the special post. She was promoted as Secretary to the Monetary Board in November in 2018, as Assistant Governor H.A. Karunaratne vacated the post after holding it for 29 months, as he  was promoted as a 
Deputy Governor. 

Prior to Dalugala’s removal last week as Secretary to the Monetary Board, the CB noted that she had served as Secretary to the Monetary Board for 34 months and as Deputy Secretary of to the Monetary Board for 36 months.
Assistant Governor J.P.R.  Karunaratne assumed duties as the new Secretary to the Monetary Board, with effect from September 15, this year. Meanwhile, the post of Deputy Secretary of to the Monetary Board remains vacated since late 2018.