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Two Key Officials At CBSL Accused Of Manipulation

Dec 17, 2016 2:20:21 PM - thesundayleader.lk

Two top officials of the Central Bank of Sri Lanka (CBSL) with close links to former Governor Ajith Nivard Cabraal have been accused of attempting to disrupt the economic policies of the current government , sources said.

Deputy Governor Dr. Nandalal Weerasinghe and Assistant Governor C J P  Siriwardene  have allegedly taken steps to depreciate the Rupee in recent times despite repeated instructions from the President to ensure the Rupee stays strong.

Weerasinghe was allegedly involved in the infamous Greek bond deal, the purchase of several overseas properties using CBSL funds, selling gold reserves and manipulation foreign exchange rates.

Siriwardene, who was close to the former regime, is accused of having strong links with primary dealers and a proponent of private placements.

In his present capacity he has influences officials to bid for government securities at below market rates thus allyowing primary dealers to thrive.

He has also reportedly persuaded the EPF to purchase the government securities in the secondary market at lower rates thus depriving the EPF of the due yield.

Sources said that while the President, Prime Minister and Finance Minister have taken steps to ensure the economy is stable, more needs to be done in order to ensure officials close to the former regime do not gain an upper hand.

When contacted by The Sunday Leader Dr. Nandalal Weerasinghe denied the allegations against him.