Ajith Nivard Cabraal

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Ajith Nivard Cabraal
අජිත් නිවාඩ් කබ්රාල්
அஜித் நிவர்ட் கப்ரால்
Governor Mr. Ajith Nivard Cabraal (cropped).png
Governor of the Central Bank of Sri Lanka
Incumbent
Assumed office
15 September 2021
Preceded byW. D. Lakshman
In office
1 July 2006 – 9 January 2015
Preceded bySunil Mendis
Succeeded byArjuna Mahendran
State Minister of Money and Capital Markets and State Enterprise Reform
In office
12 August 2020 – 13 September 2021
Secretary to the
Ministry of Plan Implementation
In office
1 November 2005 – 1 July 2006
Member of Parliament
for National List
In office
2020–2021
Succeeded byJayantha Ketagoda
Personal details
Born (1954-12-14) 14 December 1954 (age 66)
Tangalle, Ceylon
NationalitySri Lankan
Political partySri Lanka Podujana Peramuna
Other political
affiliations		Sri Lanka People's Freedom Alliance
United People's Freedom Alliance
United National Party
Spouse(s)Roshini Cabraal
Alma materSt. Peter's College, Colombo, St. Sebastian's College, Moratuwa
ProfessionAccountant
Websitewww.ajithnivardcabraal.com

Ajith Nivard Cabraal (Sinhala: අජිත් නිවාඩ් කබ්රාල්) (born 14 December 1954) is a Sri Lankan accountant and politician who is also the current and 16th Governor of the Central Bank of Sri Lanka.[1] He is also the former State Minister of Finance, Capital Markets and State Enterprise Reforms and a national list member of parliament since 12 August 2020. He served as the Governor of the Central Bank of Sri Lanka, holding the post from 1 July 2006 until his resignation on 9 January 2015.[2][3] He again became the Governor of Central Bank of Sri Lanka in September 2021 replacing W. D. Lakshman.[4]

Early life and education[]

Born in Tangalle to Dr Leslie Cabraal, a medical practitioner and Trixie Cabraal; he had four siblings. Cabraal was educated at St. Peter's College, Colombo and at St. Sebastian's College, Moratuwa, thereafter qualified as a Chartered accountant from the Institute of Chartered Accountants of Sri Lanka.

Private sector career[]

Cabraal started his career as an accountant in the private sector and established a management consulting firm called the Cabraal Consulting Group specialized on corporate governance (strategic planning, mediation) and turnarounds. In 2000, he gained an Eisenhower Fellowship.[5] In 1996–1999 he was also the president of the St Peter's College Old Boys' Union.[6]

Political career[]

Western provincial council[]

He stared his political career as a member of the United National Party when he contested the provincial council elections in 1999 and was elected to the Provincial council of the Western Province and served till 2004.[7]

Chief economic advisor[]

Having first met Mahinda Rajapaksa, who was studying law at Sri Lanka Law College when Cabraal was an accountancy student, having crossed over from the United National Party, he quickly became a close confidant of newly appointed Prime Minister Rajapaksa in 2004. Cabraal was chief economic advisor to Mahinda Rajapaksa during the latter's term as prime minister, contributing to his presidential election manifesto (Mahinda Chintana).[8][2] In 2005, he left the private sector and was appointed Secretary to the Ministry of Plan Implementation.[9][10] In February 2006, Cabraal was involved in talks with the Tamil Tigers in Geneva.[9]

He served as board member of several organizations which included the Institute of Chartered Accountants of Sri Lanka, South Asian Federation of Accountants, Business Recovery and Insolvency Practitioners Association of Sri Lanka, National Institute of Business Management, Postgraduate Institute of Management, University of Moratuwa, Securities and Exchange Commission of Sri Lanka, the Strategic Enterprises Management Agency, Sri Lanka Accounting and Auditing Standards Monitoring Board, Committee on Corporate Governance in Sri Lanka.[11][9] He was also a past president of the Institute of Chartered Accountants of Sri Lanka and also held the positions of President of the South Asian Federation of Accountants.[12]

Governor of the Central Bank - first term[]

On 1 July 2006, Cabraal was appointed governor of the Central Bank of Sri Lanka by President Rajapaksa effective till 30 June 2010. He was given an extension of six years from July 1 2010 to June 30 2016.[7] During his period as the Governor he also functioned as an Alternate Governor of the International Monetary Fund, the Chairman of the South East Asian Central Banks (SEACEN) Board of Governors, and the Chairman of the SAARC Central Bank Governors Forum.[13] Following the 2015 presidential election, he resigned on 9 January 2015 so that the new President of Sri Lanka can appoint a new Governor of the Central Bank of Sri Lanka. In 2019 Cabraal a cathodic, was presented the honor "Desha Keerthi Lanka Puthra" by Venerable Galapitiyagama Wimaladhamma Thera of the Rāmañña Nikāya for his services to the country and the economy.[14]

He was appointed by President Gotabaya Rajapaksa as the Central Bank Governor in an official announcement as of 13 September 2021.[15] Cabraal resigned from the position of state minister of money, capital market and also resigned from the role of member of Parliament in order to succeed retiring W. D. Lakshman as the new governor of CBSL with effect from 15 September 2021.[16][17][18]

Post central bank[]

Becoming a foundering member of the Sri Lanka Podujana Peramuna the political party formed by Mahinda Rajapaksa. From December 2019 to August 2020, Cabraal served as a senior advisor to prime minister on economic affairs[19] and was appointed as a Board Member of the "Api Wenuwen Api" fund on the 21st of January 2020 under the Ministry of Defence.[20]

State Minister of Money and Capital Markets and State Enterprise Reform[]

Cabraal was appointed to the Parliament of Sri Lanka from the national list of the Sri Lanka Podujana Peramuna after the 2020 Sri Lankan parliamentary election. He was thereafter appointed State Minister of Finance, Capital Markets and State Enterprise Reforms by President Gotabaya Rajapaksa in August 2020 serving under the Minister of Finance Mahinda Rajapaksa. He also functions as a member of the Committee On Public Enterprises (Sri Lanka)[21] and the Ministerial Consultative Committee on Finance.[22] He resigned as state minister and member of parliament on 13 September 2020 to take the post of governor of the central bank.[23]

Governor of the Central Bank - second term[]

Cabraal assumed his second term as governor of the central bank 15 September 2021 at a time Sri Lanka was facing a major debt crisis.[24]

Writings[]

Cabraal has authored three books.

  • The Great Bond-Scam Coverup (2019),[25]
  • ලක් මවට මුතු පොටක් (2004)[26]
  • Towards a Sri Lankan Renaissance (2002),[27]

References[]

  1. ^ "Ajith Nivard Cabraal appointed as CBSL Governor". Sri Lanka News - Newsfirst. 2021-09-13. Retrieved 2021-09-14.
  2. ^ Jump up to: a b "PROFILE-Sri Lanka's Central Bank Governor Ajith Nivard Cabraal". Reuters.com. Reuters. Retrieved 30 December 2017.
  3. ^ "Press Release: Governor Ajith Nivard Cabraal – 2006 to 2015" (PDF). CBSL.gov.lk. Central Bank of Sri Lanka. Archived from the original (PDF) on 2016-07-06. Retrieved 30 December 2017.
  4. ^ "Ajith Nivard Cabraal appointed CBSL Governor once again". www.adaderana.lk. Retrieved 2021-09-14.
  5. ^ Multi nation program fellows Archived 2012-05-02 at the Wayback Machine, Eisenhower Fellowships Sri Lanka.
  6. ^ "Past Presidents". StPetersOBU.com. St Peter's College Old Boys' Union. Archived from the original on 2014-06-27. Retrieved 30 December 2017.
  7. ^ Jump up to: a b Perera, K. K. S. "Forensic prompts Cynics; Ignores Basics: Nation Faces the Music". Daily Mirror. Retrieved 10 September 2021.
  8. ^ Bahree, Megha (29 April 2010). "Sri Lanka: Ready For Business". Forbes.
  9. ^ Jump up to: a b c "New central Bank Governor assumes duties today". Archived from the original on 2011-07-25. Retrieved 2010-02-24.CS1 maint: bot: original URL status unknown (link), press release of Ministry of Finance & Planning, 3 July 2006.
  10. ^ "|| Financial". archives.dailynews.lk. Retrieved 2021-09-14.
  11. ^ The Team Archived 2012-04-26 at the Wayback Machine, Cabraal Consulting.
  12. ^ "Chartered accountants felicitate State Minister of Finance Cabraal | Daily FT". www.ft.lk. Retrieved 2021-09-14.
  13. ^ "State Minister of Money & Capital Market and State Enterprise Reforms - HOME". oldportal.treasury.gov.lk. Retrieved 2021-09-14.
  14. ^ "PressReader.com - Digital Newspaper & Magazine Subscriptions". www.pressreader.com. Retrieved 2021-09-14.
  15. ^ "President appoints Ajith Nivard Cabraal as new Central Bank Governor". NewsWire. 2021-09-13. Retrieved 2021-09-14.
  16. ^ "Nivard Cabraal resigns from Sri Lanka parliament ahead of being made CB chief". EconomyNext. 2021-09-13. Retrieved 2021-09-14.
  17. ^ "Cabraal hands in letter of resignation". www.adaderana.lk. Retrieved 2021-09-14.
  18. ^ "Cabraal to return to CBSL as governor on 15th Sept, assures to uplift economy". Sri Lanka News - Newsfirst. 2021-09-13. Retrieved 2021-09-14.
  19. ^ "Nivard Cabraal appointed senior advisor to Sri Lanka PM". EconomyNext. 2019-11-28. Retrieved 2021-09-14.
  20. ^ "Cabraal appointed board member of 'Api Venuwen Api' fund". The Morning - Sri Lanka News. 2020-01-21. Retrieved 2021-09-14.
  21. ^ "Parliament of Sri Lanka - Committee on Public Enterprises". www.parliament.lk. Retrieved 2021-09-14.
  22. ^ "Parliament of Sri Lanka - Ministerial Consultative Committee on Finance". www.parliament.lk. Retrieved 2021-09-14.
  23. ^ "Parliamentarian Ajith Nivard Cabraal resigns from his position as a Member of Parliament". news.lk. Retrieved 16 September 2021.
  24. ^ "Cabraal assumes duties: Reveals first & urgent priority". newswire.lk. Retrieved 16 September 2021.
  25. ^ Cabraal, Ajith Nivard. The Great Bondscam Cover-Up, The Mother of All Cover-Ups.
  26. ^ http://opac.lib.sjp.ac.lk/cgi-bin/koha/opac-detail.pl?biblionumber=105389&query_desc=su%3A%7BEconomics%7D%20and%20itype%3ALM%20and%20su-to%3AEconomics%20and%20su-to%3AEconomics
  27. ^ Cabraal, Ajith Nivard (2002). Towards a Sri Lankan Renaissance--: Simple Ideas that Will Change the Future. ISBN 9789558744000.
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