{"id":47230,"date":"2016-07-04T17:17:09","date_gmt":"2016-07-04T21:17:09","guid":{"rendered":"http:\/\/dbsjeyaraj.com\/dbsj\/?p=47230"},"modified":"2016-07-04T17:17:09","modified_gmt":"2016-07-04T21:17:09","slug":"new-governor-indrajit-coomaraswamy-lists-integrity-technical-excellence-and-professionalism-as-guiding-principles-for-central-bank","status":"publish","type":"post","link":"https:\/\/dbsjeyaraj.com\/dbsj\/?p=47230","title":{"rendered":"New Governor Indrajit Coomaraswamy Lists Integrity, Technical Excellence and Professionalism as Guiding Principles for Central Bank"},"content":{"rendered":"

The Central Bank\u2019s new Governor Dr. Indrajit Coomaraswamy yesterday pledged to lead by example and listed three guiding principles for his staff while sending a clarion call to politicians that good economics is critical for their and country\u2019s success.<\/strong><\/p>\n

Speaking to Central Bankers after accepting the letter of appointment from President Maithripala Sirisena, Dr. Commaraswamy for whom it was indeed a \u201chome coming\u201d of sorts, gave three thoughts on what Central Bankers in his view should be imbued with \u201cOne is clearly integrity; two is technical excellence and three is professionalism.\u201d<\/p>\n

He said that he would like those three concepts to be the guiding principles \u201cfor all of us, as we go forward.\u201d <\/p>\n

\u201cAnd if any of you think that I am not living up to those principles, please find your way to getting that message to the 15th floor that I personally am not living up to those three principles,\u201d the 14th Governor told Central Bankers. <\/p>\n

<\/p>\n

He said that such a course was important in terms of leadership. \u201cI need to be able to set an example and I\u2019m going to do my best to do so. And if there are any short comings as I said, I would like to hear them.\u201d<\/p>\n

Dr. Coomraswamy, who served the Central Bank from 1973 to 1989 in the Economic Research, Statistics and Bank Supervision Divisions as a staff officer, said he wants to encourage a culture of discussion, of debate, of openness, and encouraged staff to help him do so. <\/p>\n

\u201cIt should never be personal, if somebody has a different opinion. We need to put our heads together. We will have different views, we need to throw it out in the open, discuss and then eventually find the best way forward.\u201d<\/p>\n

Focusing on the macro situation, the veteran economist who had worked at the Commonwealth from 1990-2008 including as Director, Economic Affairs Division and Deputy-Director, Secretary-General\u2019s Office, said there is always concern about the balance between politics and economics. <\/p>\n

\u201cIn my view for much of our post-independent years; I\u2019m not putting on one party or the other or one Government or the other, but if you look back from 1948, for most of the time politics has trumped economics. It is our job to convince our politicians that good economics is good politics,\u201d Coomraswamy emphasised. <\/p>\n

As the Central Bank, he pointed out, \u201cwe need to get away from this cycle of \u2018stop go policies\u2019 of creating artificial booms through misaligned policies. We need to set a good framework for the economy.\u201d<\/p>\n

However the new Central Bank Chief reminded his staff that Sri Lanka has a representative democracy. \u201cPeople elected by the people \u2014 the Government \u2014 of course have sovereignty reposed in them.\u201d \u201cHowever, the Monetary Law Act sets about some very specific responsibilities for the Central Bank and it is up to us to fulfil those responsibilities in a very technocratic, objective and free way. That is not to say we should be criticising the Government of the day; that\u2019s not our business. But there are channels through which we can get independent advice to the Government,\u201d he emphasised.<\/p>\n

Coomaraswamy said that he was very keen and that he has spoken to President and Prime Minister too about this that the Central Bank does its work independently and in a technical way and discreetly advises the Government about the best way forward for those segments of policy and practice for which the Central Bank has responsibility. <\/p>\n

He also said that: \u201cWhen I met President he just told me one thing. He said: \u2018Do your work in a straight way and do not fear anybody in discharging your duties.\u2019 Now my intention is to follow his direction and to carry out my functions according to his wishes.<\/p>\n

\u201cWhen I met Prime Minister he laid out his vision of where he wants to take this country and there is a big role for the Central Bank. And in many ways, if we are not able to fulfil our functions in the way it should be fulfilled, in terms of creating a platform for macroeconomic stability with strong macroeconomic fundamentals, having financial sector stability so, there is confidence right through the system \u2014 nothing else is possible. <\/p>\n

That is the first step to get strong macroeconomic fundamentals, to have the financial sector which is the lifeblood of the country stable and people within the country and outside confident in it. So that\u2019s our responsibility.<\/p>\n

As I said, I genuinely believe nothing else will really take off unless we are able to do our job or fulfil our functions well. So, we have a big responsibility and I look to all of you, for your assistance and cooperation in doing this.\u201d <\/p>\n

Courtesy:Daily FT<\/em><\/p>\n

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The Central Bank\u2019s new Governor Dr. Indrajit Coomaraswamy yesterday pledged to lead by example and listed three guiding principles for his staff while sending a clarion call to politicians that good economics is critical for their and country\u2019s success. Speaking to Central Bankers after accepting the letter of appointment from President Maithripala Sirisena, Dr. Commaraswamy …<\/p>\n

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