Sri Lanka Central Bank Governor Ajith Nivard Cabraal Resigns Amid Economic Crisis

Colombo, March 4: As Sri Lanka faces its worst economic crisis since independence, the Governor of the country's Central Bank, Ajith Nivard Cabraal on Monday said he has submitted his resignation to President Gotabaya Rajapaksa.

Cabraal's statement comes seven months after he stepped into the role amid the worst economic and political crises in Sri Lanka in decades. Cabraal announced his decision to step down from the post in a Twitter post today. Ajith Nivard Cabraal, Governor of Sri Lankan Central Bank, Resigns.

"In the context of all Cabinet Ministers resigning, I have today submitted my resignation as Governor, Central Bank, Sri Lanka to President Gotabaya Rajapaksa," tweeted Cabraal today.

Cabraal, a veteran policymaker who was named governor of the Central Bank of Sri Lanka in September amid a deepening foreign exchange crisis, favoured reducing reliance on foreign debt, especially from the Washington-based International Monetary Fund.

The 26-member Sri Lankan cabinet submitted letters of resignation - but not Prime Minister Mahinda Rajapaksa amid rising public anger against the government over the economic crisis in the country.

They have all signed a general letter, consenting to resign paving the way for a new cabinet to be formed, the English language newspaper Daily Mirror reported.

The country is witnessing protests over the government's handling of the worst economic crisis in decades. Sri Lanka's economy has been in a free fall since the COVID-19 pandemic due to the crash of the tourism sector.

Sri Lanka is presently facing a foreign exchange shortage which has led to a food, fuel, power and gas shortage and has sought the assistance of friendly countries for economic assistance.

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