Dr. Kenneth De Zilwa reappointed as Financial System Stability Consultative Committee Chairman

Top business cycle economist and senior banker Dr. Kenneth de Zilwa has been reappointed as Chairman of the Financial System Stability Consultative Committee (FSSCC) of the Central Bank, with effect from October 6, 2021, by the newly-appointed Governor Ajith Nivard Cabraal. 

The FSSCC, comprising of leading private sector personalities, has been constituted to advice the Central Bank of Sri Lanka on the formulation of policies relating to financial sector system stability, risk mitigation measures and macroeconomic development. 

Dr. De Zilwa is the current Chairman of LankaClear and a Senior Consultant at China Harbour Engineering Co Ltd (CHEC). 

With the outbreak of the pandemic and imminent monetary/fiscal policy reforms, the FSSCC was reconstituted in July 2020, appointing Dr. De Zilwa as Chairman.

In discharging its duties, the FSSCC observes developments in the financial sector, assesses their impact on the financial sector stability, provides market/stakeholder-based views on emerging trends and makes recommendations for financial system stability and to further develop financial markets whilst mitigating risks.

With over 20 years of experience in the sector, Dr. De Zilwa is well known for his expertise in treasury, especially in the areas of risk management, money markets and debt markets, in both domestic and international financial markets, alike. 

He was part of the HSBC Global Advisory team for the Government of Sri Lanka USD Bond Issuance and worked closely with the senior officials of the Central Bank in drafting guidelines for the market. 

Dr. De Zilwa was also President of the Sri Lanka Forex Association and has been instrumental in setting up of the ACI Market Ethics Committee, Education Committee and a Regulatory Framework while inspiring and leading the association to new heights. 

Under his leadership, Forex was able to gain full membership of ACI International and make the association internationally reputed, owing to his vast knowledge, experience and exposure. He was appointed as Secretary to the ACI Model Code Committee by the Central Bank and was responsible for Sri Lanka’s First Interest Rate Option and Currency Derivative Transactions and developed the First Islamic Finance Rupee Bond.

The FSSCC is a 14-member committee that brings together a wealth of knowledge, experience and exposure, bringing the right balance and expertise, which is key for effective committee deliberations. 

The other members of the FSSCC are Credit Information Bureau Director/General Manager C.N.S.N. Anthony, Sri Lanka Banks’ Association Chairman L.H.A. Lakshman Silva, Finance House Association of Sri Lanka Chairman Niroshan Udage, PwC Managing Partner Sujeewa Mudalige, Institute of Chartered Accountants of Sri Lanka Vice President Sanjaya Bandara, Ceylon Chamber of Commerce Chairman Vish Govindasamy, Federation of Chambers of Commerce and Industry of Sri Lanka President Sherley Jayawardena, John Keells Holdings PLC Chairman Krishan Balendra, President’s Counsel Kushan de Alwis, Colombo Port City Economic Commission Acting Director General Saliya Wickramasuriya, LOLC Holdings PLC Group Managing Director Kapila Jayawardena and Export Development Board Director General Chitranjali Dissanayake.

The secretariat function of the FSSCC is conducted by the Macro-prudential Surveillance Department (MSD) of the Central Bank of Sri Lanka.