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W. D. Lakshman

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Deshamanya
W. D. Lakshman
Governor of the Central Bank of Sri Lanka
In office
24 December 2019 – 14 September 2021
Preceded byIndrajit Coomaraswamy
Succeeded byAjith Nivard Cabraal
Personal details
Born1941
Mihiripanne, Galle
Alma materVidyaloka College
University of Colombo
University of Oxford

Deshamanya Weligamage Don Lakshman (commonly known as W. D. Lakshman) popularly known as Professor W. D. Lakshman is a Sri Lankan economist, professor, lecturer, academic and author who also served as the 15th Governor of the Central Bank of Sri Lanka and current chairman of the Monetary Board of the CBSL.[1][2] He is regarded as one of the prominent economists of the country mainly well known for his immense contributions to policy related activities and for being specialised in the field of Economics.[3]

Early life

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Lakshman was born in 1941 as the third of four children of the business family of Mr. and Mrs. Porolis de Silva in a small village in Mihiripanne, Galle District and hails from a humble family background. His father was a small scale businessman. He pursued his primary and secondary education at Vidyaloka College, Galle, and was the Head Prefect at school.[4]

Career

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After completing his secondary education, he joined the University of Ceylon in 1960 based on his performance at the University Preliminary Examination. He completed his Bachelor's Degree in Economics from the University of Ceylon, where he was an undergraduate from 1960 to 1964.[5] He pursued his career as an assistant lecturer in 1964 with the University of Ceylon and served until 1968. He also started writing books in Sinhala language while serving as assistant lecturer in 1965 in order to solve difficulties faced by students studying in Sinhala medium due to the lack of proper academic reading material.[6] This include the economics textbook Aarthika Vishleshana, coauthored with H.M. Gunasekera (economist).[7] He also served as an assistant lecturer at the Vidyodaya University in 1972.[4]

He also completed his doctorate at the University of Oxford on a university scholarship in 1968 and obtained Doctor of Philosophy in 1973. While serving as a senior lecturer in Economics at the University of Peradeniya, he was appointed as the Professor of Economics at the University of Colombo in 1982 and was also subsequently appointed as the Head of the Department in University of Colombo. He was also subsequently promoted as a senior professor in 1992.[8]

He was the Vice Chancellor of University of Colombo from 1994 to 1999 and he resigned from the position in 1999 in order to take up a visiting professor assignment at a Japanese university.[9] In recognition of his contribution to the field of education, the Sri Lankan government honoured him with Deshamanya title in 2005. Having rendered a yeoman service to the university system in Sri Lanka over a period of 43 years, he retired on 27 October 2007.[10] The University of Colombo, in recognition of his services to higher education honoured him with the degree in Doctor of Letters in 2008 during an annual convocation. He was also granted the honorary title of Professor Emeritus in 2007 from the University of Colombo.[8]

After his retirement, Lakshman was appointed as an advisor to the Ministry of Finance in 2008 and as the chairman of the Institute of Policy Studies (IPS) in 2010. In 2009, he was appointed the chairman of the Presidential Commission on Taxation in Sri Lanka.[11] In 2018, he was also appointed as the chairman of the Presidential committee by the then president Maithripala Sirisena to probe and report on the controversial Singapore-Sri Lanka Trade Agreement.[12][13]

On 24 December 2019, President Gotabaya Rajapaksa appointed him as the 15th Governor of the Central Bank of Sri Lanka replacing Indrajit Coomaraswamy who resigned from the position for personal reasons.[14][11][15] Lakshman was appointed as the CBSL governor at the age of 78 despite not having adequate experience with the Central Banking system and the age limit of 70.[16] On September 10, 2021 he announced at a media conference that he would be stepping down with effect from September 14, six weeks before his intended retirement date. He stated that his ideology was shared by a minority.[17][18] He also faced severe criticism during his tenure as CBSL governor, as the Central Bank of Sri Lanka had printed too much money, much more than required which eventually led to a soar in general price levels.[19] He had also reportedly received an offer to join the International Monetary Fund but had turned down the offer.[20][21]

Conviction of economic mismanagement

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Lakshman along with the Rajapakasha brothers and others were found guilty of economic mismanagement between 2019 and 2022 by the Supreme Court of Sri Lanka which stated on 14 November 2023 that the respondents have breached the fundamental rights to equal protection of the law in terms of Article 12(1) of the Constitution in a fundamental rights petition filed by filed by Transparency International Sri Lanka (TISL) and other four activists.[22] [23][24]

References

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  1. ^ "New CB Governor Prof. Lakshman assumes duties". www.dailymirror.lk. Retrieved 2020-05-10.
  2. ^ "Sri Lanka : Prof. W D Lakshman appointed as the Governor of the Central Bank of Sri Lanka". www.colombopage.com. Retrieved 2020-05-10.
  3. ^ "Prof. W.D. Lakshman appointed Governor of Central Bank". The Morning - Sri Lanka News. 2019-12-24. Retrieved 2020-05-10.
  4. ^ a b "Professor W.D. Lakshman: A social democrat to the end | Daily FT". www.ft.lk. Retrieved 2020-05-10.
  5. ^ "Prof. W D Lakshman | Central Bank of Sri Lanka". www.cbsl.gov.lk. Retrieved 2020-05-10.
  6. ^ "Central Bank Governor W.D. Lakshman speaks on his new role, plans and objectives | Daily FT". www.ft.lk. Retrieved 2020-05-10.
  7. ^ "Professor W.D. Lakshman: A Social Democrat To The End". Colombo Telegraph. 2019-12-29. Retrieved 2023-06-03.
  8. ^ a b "Deshamanya Professor Emeritus WD Lakshman". University of Colombo, Sri Lanka. Retrieved 2020-05-10.
  9. ^ "Prof. W.D. Lakshman appointed Governor of Central Bank". www.adaderana.lk. Retrieved 2020-05-10.
  10. ^ Kalyani talks about life with Professor W.D. Lakshman
  11. ^ a b LBO (2019-12-24). "W D Lakshman appointed new Governor of Sri Lanka's Central Bank". Lanka Business Online. Retrieved 2020-05-10.
  12. ^ LBO (2018-08-11). "President appoints committee to study Sri Lanka – Singapore FTA". Lanka Business Online. Retrieved 2020-05-10.
  13. ^ ""Sri Lanka is too weak to enter into FTAs like the one with Singapore", says Presidential experts committee". NewsIn.Asia. 2018-12-31. Retrieved 2020-05-10.
  14. ^ "Prof. W.D. Lakshman to head the CBSL". Sri Lanka News - Newsfirst. 2019-12-24. Retrieved 2020-05-10.
  15. ^ News, P. M. D. (2019-12-24). "Prof. W. D. Lakshman appointed as Central Bank Governor". President's Media Division. Retrieved 2020-05-10. {{cite web}}: |last= has generic name (help)
  16. ^ "W D Lakshman appointed Sri Lanka central bank Governor". EconomyNext. 2019-12-24. Retrieved 2020-05-10.
  17. ^ "Sri Lanka central bank governor W D Lakshman to step down on Sept 14". Economynext. 10 September 2021. Retrieved 10 September 2021.
  18. ^ "CBSL Governor to step down next week". Daily News. 10 September 2021. Retrieved 10 September 2021.
  19. ^ "The maligned Lakshman shock: Patient will die unless the new Governor diffuses it forthwith | Daily FT". www.ft.lk. Retrieved 2021-09-14.
  20. ^ "Avoiding IMF and the dilemma of the Central Bank Governor | Daily FT". www.ft.lk. Retrieved 2021-09-14.
  21. ^ "Central Bank Governor Prof. WD Lakshman announces retirement". NewsWire. 2021-09-10. Retrieved 2021-09-14.
  22. ^ "Sri Lanka top court rules Rajapaksa brothers guilty of economic crisis". France 24. 14 November 2023. Retrieved 14 November 2023.
  23. ^ "Sri Lanka: Rajapaksa brothers among 13 leaders responsible for crisis". BBC News.
  24. ^ Sooriyagoda, Lakmal. "Mahinda, Gota, Basil and others responsible for economic crisis -SC". Daily Mirror. Retrieved 20 November 2023.
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