Central Bank Governor’s role elevated to Cabinet rank

The Central Bank (CB) Governor’s designation has been elevated to the fifth rank in the new Table of Precedence of the government with a status equal to a Cabinet Minister.

Accordingly, newly appointed Central Bank Governor Ajith Nivard Cabraal’s designation will be equal to that of the Opposition Leader, Cabinet Ministers and Field Marshall.

Earlier, the CB Governor’s designation was ranked at the 20th position just below the designation of Auditor General.
This Table of Precedence is intended to be applied during State and ceremonial occasions.

However, the President has the discretion to grant courtesy precedence to any persons or officers not placed on the Precedence Table.

Cabraal stepped down as the State Minister of Money & Capital Market and State Enterprise Reforms to take over the CB Governor’s role for the second time after accepting request made by the President Gotabaya Rajapaksa.

According to several media reports, he had requested the Central Bank Governor post to be elevated to Cabinet rank, similar to Monetary Authorities in countries such as China, Singapore, and Vietnam.

The Cabinet rank is expected to grant him with the authority of a Cabinet Minister in terms of protocols in entering into negotiations as well as in decision making in subject matters related to money and capital markets.