Speaking at the event, the Governor emphasized the importance of stabilization and strong fundamentals for both the economy and the capital market going forward. The Governor stated “Capital markets have a crucial role to play in matching pools of savings, both domestic and foreign, with investment opportunities in the country. Having said that, trying to create sugar highs by artificially trying to boost asset markets or growth is not the way forward. The critical thing is to create the fundamentals to ensure that the economy grows, that companies are able to do their business and that there is employment generated to create demand in the system – a virtuous cycle which is built on strong fundamentals. Working with the Government, that is what the Central Bank intends to do.”
Commenting on the Central Bank’s commitment to creating economic stability, the Governor further said “The government has embarked on a stabilization program and really in my view without stabilization of the economy, nothing is possible. Fiscal consolidation needs to be at the heart of that stabilization. Stabilization and the laying out of a framework for the direction of the economy should create more confidence and greater positive sentiment in the market as well.”
The Governor also commended the CSE’s strategic initiatives to elevate the Exchange to world-class status, and noted the importance of creating a strong capital market, one that is prepared to facilitate a fast-growing economy.
Making remarks on behalf the CSE, Chairman Mr. Vajira Kulatilaka stated “It is with great pleasure that we welcome the Governor to the CSE. I am confident that his in- depth experience, vision and leadership in policy making will play a pivotal role in driving the economy towards growth and prosperity. As stated by the Governor, the capital market will play a significant role in this growth going forward, and we at the CSE are ready to play our role by operating an open, secure, fair, orderly and transparent marketplace that is backed by world-class infrastructure. We look forward to working with the Governor and welcome his commitment to fiscal consolidation and economic stabilization, which will undoubtedly craft sustainable growth going forward.”
The Governor was joined at the ceremony by the Deputy Governor of CBSL Dr. Nandalal Weerasinghe, SEC Director General Mr.Vajira Wijegunawardane, CEO of Maldives Stock Exchange Mr. Hassan Manik, CEO of the Capital Market Development Authority in Maldives Mr. Ahmed Naseer, CSE Chairman Mr. Vajira Kulatilaka and CSE CEO Mr. Rajeeva Bandaranaike. The Board of Directors and the Senior Management of the CSE was also present at the event.
