In terms of the provisions of the Central Bank of Sri Lanka (CBSL) Act, No. 16 of 2023, the Governing Board (GB) of CBSL has been established as the body responsible for overseeing the administration and management of the affairs of CBSL and determination of the general policies of CBSL. In terms of the law, the appointed members of the previously existing Monetary Board of CBSL continue as the members of GB of CBSL.
Accordingly, Mr. Sanjeeva Jayawardena P.C. and Mr. A N Fonseka who were appointed members of MB with effect from 29.06.2021 and 27.07.2022, respectively, continued to be the members of GB. However, Dr. Ranee Jayamaha who was a member of MB since 29.07.2020 tendered her resignation from MB with effect from 12.09.2023, and therefore was not a member of GB. Mr. Sanjeeva Jayawardena P.C., Appointed Member who continued as a member of GB tendered his resignation with effect from 05.11.2023. Accordingly, both Dr. Jayamaha and Mr. Jayawardena submitted their resignations well before the Supreme Court made its final judgement on 14.11.2023 with regard to the Fundamental Rights Case filed on Economic Crisis.