P Nandalal Weerasinghe: Why central bank independence matters - in crisis, in recovery, and beyond
Speech by Dr P Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, at the 75th Anniversary Oration of the Central Bank of Sri Lanka, Colombo, 29 August 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
Presentation accompanying the speech
1. Opening remarks
I am deeply honoured to be delivering this oration on the occasion of the 75th Anniversary of the Central Bank of Sri Lanka (CBSL). As the Governor of this great national institution, I accepted the task of delivering this oration on central bank independence at this landmark moment with a deep sense of responsibility, knowing that the work of central bankers is never complete. The lessons the country, its people, the Central Bank, its staff and leadership have learnt over this long history must be recorded and shared, enabling future generations to build on and contribute to the prosperity of the people of Sri Lanka better.
Before I begin, I would like to take this opportunity to extend my heartfelt thanks to all well-wishers and stakeholders - especially the dedicated staff - for their invaluable contributions towards achieving the objectives of the Central Bank over the past 75 years. In particular, I wish to express my deep gratitude to the members of the Central Bank Boards and the staff for their exceptional commitment over the past three years. Their tireless efforts played a pivotal role in stabilising the economy and laying the foundation for a swift and sustainable recovery from the most profound socio-economic crisis Sri Lanka has faced since independence.