Central Banking – Challenges and Prospects

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Central Banking - Challenges and Prospects

This volume contains selected articles authored by me on central banking over a decade. Some articles are based on memorial orations delivered, while others have been published either in the Central Bank of Sri Lanka Publications or columns on economic issues in newspapers. All of them have been updated to be presented in this volume.
The series is published in book form in order to satisfy the wishes of many readers who have been pestering me for some time to do so. This is the first of a series to be published by the author in book form on numerous economic issues.
The series begins with essays on central banking because that area has been grey for many. It deals with broad issues faced by the Central Bank of Sri Lanka (CBSL) though the principles analysed in the essays are valid for any central bank. They deal with the guiding principles of creating CBSL some 67 years ago as pronounced by its founding architect and first Governor, John Exter, in a special report submitted to the Government of Ceylon, commonly known as the Exter Report. This report is unique in the sense that it provides the rationale of each important section of the Monetary Law Act (MLA) under which CBSL has been established by means of a commentary. Thus, the Exter Report has served as the Bible for many generations of central bankers in their quest for knowledge on the Bank and will continue to do so for many more years. The other essays have critically analysed many issues faced by central banks in general today.
I am grateful to Dr Saman Kelegama, Executive Director of the Institute of Policy Studies for writing a foreword for this publication emphasising the importance of analysing the challenges and prospects involved in central banking today.
Many people have helped me to bring out this publication. It was Mr. Nizam Razzaq, CEO of the Business Management School (BMS) who insisted, despite my protests, that it be released as a BMS publication. He placed at my disposal all the resources at BMS to bring out this publication expeditiously. Ms. Thilini Sumudu Kumari completed the laborious task of editing the essays and attending to many practical issues involved in publishing a book until it saw the light of the day. Ms. Kadeeja Razzaq generously funded the publication. Mr. Ali Akbar, Ms. Jayani Mendis and Ms. Nazia Hassen too attended to many logistical issues involved in publishing the book.


W A Wijewardena, 
Business Management School (BMS), 591, Galle Road, Colombo 6. 
Email: [email protected] June, 2017

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