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qrcode.30183456I was deeply concerned about what seems corruption in the Central Bank, an institution that had never previously roused any suspicion on such grounds. What we have thus far discovered at the Committee on Public Enterprises is startling, but obviously I cannot refer to this now.

I thought therefore of basing this article on the observations of Dr W A Wijewardena, former Deputy Governor of the Bank, who writes a regular column on Economic Matters.  Some weeks back his article was entitled ‘From bomb disaster to bond disaster: How to restore the lost reputation of the Central Bank’.

He dealt first with the bomb attack on the Central Bank way back in 1996. I still remember the incident vividly, since my sister was caught up in the attack, but unlike many of her colleagues she survived unhurt, being only drenched in blood (and walked back in that condition to our house).

Dr Wijewardena’s article commended the prompt actions of the Governor at the time, A S Jayewardena. Having described the actions he took to ensure that the Bank continued to fulfil its financial obligations, he discussed the way the media was handled. I can do no better than quote at length from what he said, in dealing with ‘a media briefing that was attended by both the local media and all the major international media agencies that had a presence in Sri Lanka. This was the opportunity which AS used to communicate to the Bank’s stakeholders that the Bank was not dead, it had started to offer its services through alternative methods until it would get back to normalcy and it would soon restore normalcy as desired by its stakeholders. The media, exercising their right to extract all the information to keep their respective audiences informed of the true status, were very critical and posed scathing questions to Governor and the senior officers of the Bank. Their questions were particularly directed to ascertain whether there was any cover-up of the true damage caused to the Bank by its senior officers. This was in fact a testing of the maturity and experience of Governor Jayawardena who was a career central banker, a former Finance Secretary and an international civil servant. Prior to the media briefing, the senior management of the Bank had participated in a crucial staff meeting and a meeting with CEOs of commercial banks. Hence, they were privy to what was happening and therefore could meet the press with one voice. That was important to quell the suspicions of the media-personnel. Thus, the media briefing was successful in communicating the Bank’s position to its stakeholders.’

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Rajiva Wijesinha

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