President to reconstitute Monetary Board

•  Current members Dr. Ranee Jayamaha and Sanjeeva Jawardena likely to resign

President Ranil Wickremesinghe, who is also the Minister of Finance, is likely to reconstitute the Monetary Board of the Central Bank, Mirror Business learns.
Sri Lanka recently passed a new Central Bank Act, which was drafted with the support of the International Monetary Fund, ensuring more independence to the country’s monetary authority. 
Wickremesinghe is expected to reconstitute the Monetary Board under the new Central Bank Act.
President to reconstitute Monetary Board

The present Monetary Board has five members, including the Treasury Secretary.
Under the new Central Bank Act, the Monetary Policy Board will have nine members, with the Central Bank Governor at the helm.
However, under the new act, there is no provision for the Treasury Secretary to sit as ex-officio in the Monetary Policy Board or Governing Board.

The Governing Board is charged with the responsibility of overseeing the Central Bank administration and determination of its general policy, other than the monetary policy.
Paving way for new appointments to the Monetary Policy Board, sources said the current Monetary Board Appointed Members Dr. Ranee Jayamaha and Sanjeeva Jayawardena are expected to resign. 
Nihal Fonseka also serves as an Appointed Member of the current Monetary Board. 

The present Monetary Board has five members, including the Treasury Secretary.
Under the new Central Bank Act, the Monetary Policy Board will have nine members, with the Central Bank Governor at the helm.
However, under the new act, there is no provision for the Treasury Secretary to sit as ex-officio in the Monetary Policy Board or Governing Board.
The Governing Board is charged with the responsibility of overseeing the Central Bank administration and determination of its general policy, other than the monetary policy.
Paving way for new appointments to the Monetary Policy Board, sources said the current Monetary Board Appointed Members Dr. Ranee Jayamaha and Sanjeeva Jayawardena are expected to resign. 
Nihal Fonseka also serves as an Appointed Member of the current Monetary Board.