30 November, 2022


Continuously Loss-Making Central Bank Is No Better Than SriLankan Airlines

By W.A Wijewardena

Dr W.A Wijewardena

Dr W.A Wijewardena

Central Bank capital depletion is also a landmine under PM’s feet

Prime Minister Ranil Wickremesinghe, supported by Senior Minister Sarath Amunugama, castigated SriLankan Airlines in a recent press briefing. He said that the National Carrier which had made losses continuously for the last seven years accumulating in the process mounting debts now fixed at $ 3.2 billion was a ‘landmine’ planted on the people of the country.

Senior Minister Amunugama would not have been amused by PM’s equating the present plight of the National Carrier to a landmine because he as the Minister of Finance in 2004 was bold enough to name four loss-making State-Owned Enterprises as ‘monsters’ swallowing the nation’s limited resources. He was frank and realistic in his assertion but could not cage in the monsters due to his losing the job set himself on the job.

Perhaps both the Prime Minister and the Senior Minister would not have known at the time they appeared before the press that the nation’s Central Bank, making losses continuously for three years in succession amounting to a total of Rs. 88 billion and consequently depleting its capital base by Rs. 128 billion, is another landmine that could explode at any time under their feet. Worse, the Monetary Board which had been responsible for those losses had taken a very light-hearted attitude toward them like the management of the national carrier. The Board had argued earlier responding to this writer that losses at the Central Bank were not a problem because the Government at any time could recoup those losses.

Making profit transfers to the Government when the Central Bank had made losses

This writer, in public interest, raised the red flag one year ago in four previous articles in this series about the danger of a continuously loss-making central bank. In the first article, he questioned the governance of the Monetary Board – the owner of the Central Bank – when it made a profit transfer of Rs. 28 billion to the Government, while incurring a loss of Rs 39 billion in its comprehensive operations in 2013.

In accounting terminology, comprehensive operations cover both the factors which are within the control of a business called ordinary operations and all other factors which are outside its control. Hence, the impact on a business is to be reckoned by gauging the outcome of the comprehensive operations.

The loss in 2013 was followed by a comprehensive loss of Rs. 22 billion in 2014, but the accounts of the bank for 2014 showed that the Monetary Board had made an interim profit transfer of Rs. 8.5 billion to the Government out of these losses. An institution making losses can pay dividends to shareholders only by running down its capital and that was exactly what the Monetary Board had done in the two years concerned. Thus, the Central Bank’s capital funds which stood at Rs. 182 billion as at the beginning of 2013 was reduced by the Monetary Board to Rs. 81 billion by the end of 2014.

Monetary Board justifying the capital depletion

In the second article, this writer questioned the prudential wisdom of the Monetary Board in allowing the capital of the Bank to be depleted in the above manner. The implication was that it had reduced the cover of capital which a previous Board had decided to maintain, as an extra safety measure, in respect of its domestically created assets at 100% to a critically low level of 25% in 2014.

The Monetary Board apparently did not take this comment kindly and caused its operational arm – the Central Bank – to issue a statement disputing this writer. The Board had argued in its wisdom that there was nothing wrong in the Bank making losses because central banks are not supposed to make profits and it would be imprudent for a financial institution to have a capital base covering 100% of its domestic assets.

Monetary Board should not leave room for Parliamentarians to remove its independence

This writer in a third article in the series countered the Board’s arguments. The article under reference argued that though central banks are not supposed to make profits, they are not supposed to make continuous losses. That was because when a central bank becomes bankrupt with a negative networth – that is, when it does not have assets to cover its liabilities to outsiders – due to continued losses, the public as the owners of the central bank are required to recapitalise the bank at great costs.

The Monetary Board should not take this possibility lightly because, when the recapitalisation proposal is taken up at Parliament, the legislators would, for valid reasons, decide to take away the bank’s independence over managing its budget. The budget independence is essential, this writer argued, for a central bank to conduct monetary and financial sector policies independently of political interferences as required by the nation.

Further, the article argued that the central bank is not like any other financial institution as the Board had surmised, but the nation’s monetary authority with powers to create money just by making book entries. Hence, its ability to print money should be checked with appropriate capital funds and in that way, building a strong capital base in proportion to its created domestic assets was a sure way to prevent it from inflating the economy.

Monetary Board relying on academic work not relevant to Sri Lanka

The Monetary Board refused to accept its folly and caused the Central Bank to issue a further response countering the above arguments.

The Board had this time sought to substantiate its stand that there was no risk in the central bank making losses and allowing its networth to be depleted by quoting some academic work done elsewhere. These academics had argued that a bankrupt central bank could always be recapitalised by its owner, the government, and therefore, having a negative networth for a central bank was not a problem. It is true that a government with a sufficient budget surplus could find money to recapitalise a bankrupt central bank without making sacrifices elsewhere.

But this writer pointed out in a subsequent article that it was dangerous to rely on such wisdom and allow the capital to be depleted because Sri Lanka Government did not have free money to be wasted on a bankrupt central bank. The state of public finances in Sri Lanka is that the government at present finds it difficult even to repay public debt with its declining revenue base. Hence, the article opined that the Monetary Board should as a matter of urgency introduce a restructuring plan for the central bank to halt the depletion of its capital base and put a stop to the loss-making trend.

That was one year ago. But it appears that this piece of advice had not been heeded to by the Monetary Board as the financial outcome of the Bank for 2015 has now revealed.

Making losses for the third year in succession in 2015

The Annual Report of the Central Bank for 2015 which the Monetary Board has just released reports that the bank has continued to make losses for a third year as well. In 2015, its ordinary operations have resulted in a loss of Rs. 19.6 billion which has been topped up to Rs. 27.5 billion when its comprehensive operations are also reckoned. It has incurred a loss of Rs. 8.1 billion in its foreign exchange operations and made a marginal surplus of Rs. 403 million in its domestic operations. But with a staggering expenditure of Rs. 11.6 billion on account of its operations and the payment of withholding taxes to the Government amounting to Rs. 1.9 billion, the bank has ended up with a loss of Rs. 19.6 billion in 2015.

With another mounting expenditure component incurred by the Board to fill up the shortfall of Rs. 7.3 billion in the pension funds of the bank which the Board had failed to do in previous years, the total losses have increased to Rs. 27.5 billion. This last expenditure item, though had been paid out of capital, was a must which the Board had to incur to avoid its accounts being qualified by auditors. If that had happened, it would have brought a bigger calamity for the Board in particular and for the central bank in general in the eyes of outside stakeholders. The results of these losses have been to deplete the capital funds of the bank further from Rs. 82 billion as at the beginning of 2015 to Rs. 54 billion by the end of the year. The capital cover for the domestic assets of the bank has thus fallen from 25% at the beginning of 2015 to 18% as at the end of 2015.

Losses in terms of MLA are much bigger

The above losses have been calculated by following International Financial Reporting Standards known as IFRS. When the losses are translated into the way the losses should be calculated in terms of the Monetary Law Act, the picture is more alarming. In terms of these calculations, the losses have increased to Rs. 36 billion. This is a dangerous level to which the central bank has now been reduced by the Monetary Board knowingly or unknowingly. It is another monster baring its teeth at the Government and therefore, it cannot be ignored by Prime Minister Ranil Wickremesinghe who has already been worried about the landmine planted by the SriLankan Airlines under his feet.

Monetary Board is the risk manager of the Central Bank

It is difficult to comprehend why the Monetary Board, supposed to be made up of competent professionals, has been so negligent of its duty to maintain solvency in its financial operations. In terms of the Monetary Law Act, as this writer had pointed out in two previous articles (available here and here), it is the Monetary Board which is responsible for the successes or the failures of the Central Bank which does not have a legal status under the law. Hence, the Monetary Board cannot pass the accounts of the Central Bank without examining the emerging risks and submit the Annual Report of the Board to the Minister of Finance for tabling in Parliament without highlighting those risks.

In the risk analysis section of the accounts of the Central Bank for 2015, the Board has correctly admitted that it is responsible for identifying and controlling risks of the bank. However, in the risk analysis made by the Board, there is no mention about the impending risks out of the depleted capital base and the consequential reputation risk which the bank will have to face in the future.

Prudential diligence should be exercised on the finances of the Central Bank

The Board has to exercise prudential diligence when it manages its finances and transfers profits to the Government. It appears that on both counts, the Board has failed the nation. It has allowed the Bank to incur losses continuously for three successive years; it has also made profit transfers to the government when it had in fact made losses. Quite contrary to what the Board has done, prudential diligence requires it to maintain its long term solvency by building up its capital reserves as an additional cover of the money it has issued.

In terms of MLA, the Bank should build reserves first out of profits before it would consider making a profit transfer to the government. This restriction has been placed on the Monetary Board by law for a valid reason. That is, as John Exter, the architect of the Central Bank, had argued in his Report to the Government of Ceylon on the establishment of a central bank known as the Exter Report (p 22) to prevent the Central Bank from making profits through its domestic operations and generating a secondary expansion of money in the economy.

This is because in the first instance, it has already created money and in the second instance, it would boost up that money by allowing the Government to spend the profits so transferred. A profit transfer through such a mechanism would jeopardise the Board’s goal of stabilising prices and the exchange rate. However there is another reason for the Monetary Board to be cautious of transferring profits to the Government. That is, if the capital funds of the Central Bank are being depleted, it should not accelerate such depletion by transferring profits to the Government.

Governor A.S. Jayawardena’s wisdom being ignored by the subsequent boards

In terms of MLA, the Central Bank should have a capital cover equivalent to at least 15% of its domestic assets. The objective here has been to restrict the unwarranted growth of the central bank’s domestic assets and thereby prevent the erosion of the protection given to the holders of money it has issued. In this context, given the unanticipated episodes of financial turmoil today, the maintenance of the minimum requirement as the protective cover for the money it has issued is considered inadequate.

Accordingly, the Monetary Board led by Governor A.S. Jayawardena decided in 2002 as a part of the Bank’s modernisation programme to increase this cover over the time up to 100% of the Bank’s domestic assets. This target was reached in 2007 when the capital funds amounted to 103% of the domestic assets of the Bank. However, since then, it started falling reaching 45% in 2011, 41% in 2013, 25% in 2014 and now 18% in 2015. The ratio is, therefore, just above the minimum statutory level and if it falls below the statutory requirement of 15%, the Central Bank is technically bankrupt needing capital infusion by the Government.

Monetary Board owes an explanation to the people

It is interesting to learn whether the Monetary Board, while submitting the Annual Report to the President, the Prime Minister and the Minister of Finance, apprised them of this oncoming danger. It will not be a pleasant experience for the Government to learn of it either from the media or from the opposition Parliamentarians. The press release issued by the Board on the occasion of the release of the Annual Report for 2015 does not say a word about the losses made by the Central Bank and its implications to the public.

Hence, the Monetary Board owes an explanation to the public what action it would take to reverse the trend and the timeframe within which such reversal would be attained.

*W.A. Wijewardena, a former Deputy Governor of the Central Bank of Sri Lanka, can be reached at waw1949@gmail.com

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Latest comments

  • 11

    Sir, you should know by now Ranil does not tolerate dissent or disagreement. He loves his college, law college and other types of cronies and Oscar Wildes. It is absurd for you to think he is simple or humble to accept responsibility or hold his cronies accountable.

  • 9

    Please keep up your excellent work Dr. Wije!

    The fact is that Sri Lanka will soon face a Greece like Situation, with ever mounting debt and the rupee only temporarily stabilized, as the corrupt insider trader at the Central Bank, Arjuna Mahendran, is on a BORROWING AND SPENDING SPREE with IMF assistance, without any plan to reduce the national debt and stop the crash of the rupee.

    Nivard Cabraal another crook who ran CB looted the EPF and ETF and has never been held accountable. Mahendran is following his lead.,

    Instead of borrowing from IMF, the priority for Ranil- Sira Ayahapalanaya govt. should be tracking down the Tax defaulters listed in the Panama Papers and other lists of overseas bank accounts and bringing those funds back to pay the national debt, but IMF turns a blind eye and PROMOTED financial corruption and political greed, while paying lip service to “good governance”.

    It is a mystery that IMF is seen as a solution to Sri Lanka’s debt crisis, when it is part of the problem of legalized financial corruption, overseas tax havens and the shadow economy of the wealthy that generates and massive economic INEQUALITY, poverty, conflict and violence.

    Remember the social and political unrest caused by the IMF which watched the looting of the Greek economy by capitalists and then forced austerity on the poor, further causing INEQUALITY and poverty? Stiglitz as also written about how IMF exacerbates financial crises and debt of the poor.

    The IMF’s AID CONDITIONALITIES totally ignores and promotes CORRUPTION and the way political corruption of the Ranil-Sira government has exacerbated and magnified the crisis due to appointment of corrupt and incompetent people to manage economy – Ravi K. and Arjuna Mahendran who are Ranil’s cronies.

    Rani-Sira should ask IMF and The World Bank that calls itself the Knowledge Bank (HA, HA) to help them to go through Panama Papers and other off show accounts corruption lists and investigate and track down the stolen and looted funds of corrupt Sri Lanka politicians in off Show bank accounts? These looted funds would be enough to pay off the national debt. If the looted funds stolen by the former SL dictator Mahinda Jarapassa and his brothers, sons, cronies, including Nivard Cabraal, are brought back to Sri Lanka the country would be able to pay its massive national debt and stop the crash of the rupee.. But the knowledge produced at World Bank and IMF is really to legalize corruption and the flight of capital and looting of the global south to the global north and institutionalized global and national INEQUALITY and poverty.
    Why do you think 63 individuals today control over half the world’s wealth as reveal by OXFAM at the rich man’s club meet in Davos?!

    • 3

      You are spot on Don!

      The global rating agency, Fitch Ratings says Sri Lanka’s USD 1.5 billion three-year IMF program eases near-term balance-of-payments risks but will require sustained commitment from the authorities to address long-standing weaknesses in external and public finances.

      So, Fitch retains Sri Lankan’s soveriegn rating as B /negative!

      Mahendran and Ravi K are finalizing an Economic Disaster in Sri Lanka. Mahendran should be arrested and tried for insider trading in CB bond scam.

  • 7

    I don’t think this man understands the purpose of Central Bank. It does not exist to make a profit. It exists to regulate the currency and the countries financial system.

    • 6

      Well said Gayan and this was the person we had as a Deputy Governer of the Central Bank so what more can you expect..Any banker will know that the Central bank is a regulatory bank and not a profit oriented bank like a commercial bank.

      Definition of a Central Bank ex Deputy Govrner is in case you are not aware
      ‘The primary function of a Central bank is to control the nation’s money supply (monetary policy), through active duties such as managing interest rates, setting the reserve requirement, and acting as a lender of last resort to the banking sector during times of bank insolvency or financial crisis. Central banks usually also have supervisory powers, intended to prevent bank runs and to reduce the risk that commercial banks and other financial institutions engage in reckless or fraudulent behavior. Central banks in most developed nations are institutionally designed to be independent from political interference.[2][3] Still, limited control by the executive and legislative bodies usually exists.[4][5]

      If as you say the Central Bank does make profit then how much of the losses did you contribute during your tenure of office?.
      It would be advisable that you remain silent than dropping bricks by your regular contributions to CT

  • 7

    “”Continuously Loss-Making Central Bank Is No Better Than SriLankan Airlines””

    It’s running on the bankruptcy drive mode courtesy IMF so say labia labia and export everything for peanuts like pavement hawkers.- dirt cheap…cheap dirt birdie numb numb.

    USA/EU won’t let Greece leave the inflated currency- thats your example where the locals suffer. but not the internal debt bond holders.

  • 2

    “It is interesting to learn whether the Monetary Board, while submitting the Annual Report to the President, the Prime Minister and the Minister of Finance, apprised them of this oncoming danger. It will not be a pleasant experience for the Government to learn of it either from the media or from the opposition Parliamentarians”.
    I expect PM Wickremasinghe to do the ‘Bopage-type warning’ to CB heads at least as a media show.

  • 2


  • 3

    Last time I flew in SA was about 7 years ago from to London to CMB.

    It was an ageing A 340. But the food , the chicks and the booze were fabulous.

    With this hullabaloo about the Yahapalana suckers even predicting our SA nose diving in to the abyss soon, I thought it is good to check the health of their fleet.

    SA now has 13 A 330 300 with an average age of 7.4 years. This is a pretty good fleet when Qatar Airways , which is supposed to be the most modern fleet has 4 something as the fleet average.

    QANTAS which had an all Jumbo fleet fully paid by the Tax Payers, when it was floated, went nearly bankrupt with colossal losses.

    Sacking pilots and Cabin Staff and cutting their exorbitant wages and introducing other efficiency measures, the management has brought it to life again making it profitable.

    Although the writer says SA has debts of USD 3.2 Billion, does this figure include what SA has to pay back on its Airbus fleet?.

    Because the 13 A 330 300 alone are worth a bit. And it is a well sought after Aircraft.

    Batalanada Ranil forcing all the SA debt and handing it over to Emirates must be resisted at all costs.

    Batalanada’s mates rigged the Lankan Ruppee bonds from day one.And are raking in monstrous amouts of dosh as comissions.

    In fact the Yahapalana UNP Treasurer Malik Samre was there at the Tender Board, when the envelops were opened by the Singaporean.

    Just imagine how much they will rake in with this unholy deal, where the Yahapalana Tax Payers are forced to finance the 13 ,A 330s for Emirates, without even a one cent return to them.

    Besides Emirates can’t fill seats in the areas where the Srilanka services now.

    And Emirates is not going to give Srilankan their lucrative routes like Australia UK ans Singapore and EU..

    It will be all Thamil nadu and Middle east for Srilankan.

    If the Government is fair dinkum Qatar or Etihad are the best options.

    Because it will open opportunities for them to operate their Europe and UK flights via Colombo and Singapore as well.

  • 4

    This is a funny statement carelessly made by a former CB top notch. [Edited out]

  • 4

    Dear Dr.

    I have been reading and listening for the last 40 years that Central Bank is going broke but still survives. The criticism is only by those against the surviving government of the time, this is a never ending Sri lankan mindset. Remember demonetization, FEECS etc., etc.,

  • 3

    Ranil Wickremasinghe is a bankrupt politician. Imagine being thwarted from getting power so many times, and the feeling it leaves inside. Then due to fortuitous circumstances you happen to get that power. At the moment your gut instinct is to hold on it and do whatever necessary to not let go.

    That is what Ranil is doing. He is 67 years now. Any chance of getting back the prime minister post if he lets go? Never.

    Look at the composition of the Monetary Board – members of which are expected to be able to function free from and independently of Government Control:

    1. Hora Mahendran, Governor

    2. Secretary to Ministry of Finance: Lackey to Hora Ravi, possibly another horek

    3. 4. & 5. Three appointees: I don’t know of what moral fibre they are. They may even know the rudiments of economics and finance. But I cannot imagine they will get their perks unless they are willing to give their backsides to ace Hora Ravi and desperate Ranil. In Sri Lanka what is a top post without the perks? The so-called independence of the Monetary Board is just a myth.

    And of course Ranil Wicks will not dare rock the boat. This means Free Pass to Mahendran.

    All what the writer W.A Wijewardena has written looks plausible, may even be true. But what percentage of the electorate will understand it, more importantly understand the significance of the effect of the conflict of interest faced by the Monetary Board in the exercise of their duties?

    Dr Wijewardena, please complete the article by giving examples of how and when the three nominees were swayed by the conflict : interest of Sri Lanka vs. the need to follow government instructions received through Mahendran (self interest). Hint: You may look for their ‘yes’ votes to measures they have previously disapproved / criticised in previously published articles.

    Sirisena’s attitude of course can be no different from Ranil’s. Once in a life time chance it was, to become President. So he will hold on to it regardless.

    Mother Lanka, please pay in advance for the services of a reliable undertaker. Otherwise your dead body will be left to the mercy of the crows.

    • 2


      Hear Hear;
      “Mother Lanka, please pay in advance for the services of a reliable undertaker. Otherwise your dead body will be left to the mercy of the crows. “”

      No one is a `damn fool` all the time.

      Always buy new like purchasing a monk. (year of the monkey)

      So the two (S & R) by their limpid calm

      Put everything right under heaven.

  • 3

    Good article Mr. W.A Wijewardena. When a country’s economy is in a tailspin and the country’s CB itself has sent us a “May Day” red alert or an SOS distress signal of our impending economic free fall, what the hell does our government do? They don;t call out for extreme, serious and emergency measures to prevent an economic debacle or to attempt a soft landing of our free falling economy but put a Casino Banker in charge at the CB. Country’s like the US, Japan, South Korea, Malaysia, the Tiger Economies and even Greece, when confronted with financial meltdown, called out and mustered the absolutely brilliant economists, scientist, intellectuals, researchers, academicians and disciplinarians to get them out of this rut. Instead, our political hacks call upon their goons who are worsening the situation while our entire economy, monetary and fiscal policies, reserves, as well as our archaic labour laws and our rudderless judiciary that simply cannot even enforce contract/tort reform, shows that we are a nation in deep shit. All the policies that we have engineered in the last three decades, do not suit the new econometric for a sustainable economy. We our BROKE not just financially but also intellectually. if not how can one defend a Kamikaze pilot at the helm of our CB which I call the Cerebral Busted Bank of MORONS for the MORONS.

  • 3


    OK. you are only being critical. Pl.let us know how the Central Bank should be run!

  • 1

    No wonder why Central Bank is almost bankrupt! Please read the following from a leading daily!
    “This is a story that has gone viral even in the public domain. The head of the biggest financial institution here bought an outfit worth about Rs.2 million made in the country of Uncle Sam and referred the bill to the Accounts department of his institution for settlement.”
    Any comments from Yahapalana friends?

  • 1

    Most of the comments appear to show the political leanings of the writer. Not constructive. Such comments won’t take us anywhere. We must anyway appreciate the freedom we enjoy to comment without any fear. Its better if Dr. Wijewardena could explain how the losses were made.I too agree that Central Banks world over do not work looking at the bottom line at all times. We know how Central Banks world over intervene in markets by buying and selling currencies to stabilize and maintain the value of currencies. Such interventions could result in huge profits/losses.

  • 2

    I thought that Dr. Wijewardana is a “Yahapalanaya” boot licker. But in this article, that he is making some credible statements.
    How can you expect “Yahapalanaya” at the CB of Sri Lanka when the following obvious serious mismanagement actions taking place?
    1. There are newspaper reports that the Governor of the CB is claiming his personal expenses out of Central Bank funds such as personal clothing and household expenses.
    2. Selling Government risk free bonds at 14% interest rate when the fixed deposit interest rate is at 9%. I think the commission or profit made by the bond dealers on secondary sale of these bonds may be shared by the top politicians of the current “Yahapalanaya” administration. The CB governor and his relative may be passing this profit on “Bond” Sales to the “top politicians” of the current administration. That may be the reason why CB governor is behaving like a “crown prince’ in Sri Lanka.

    The most unacceptable and sad thing about this episode is that the President of the Country cannot make (or not making any decision to remove this crown prince) any decisions about these serious financial management issues happening at the CB. This fact clearly shows that there no CEO for Sri Lanka’s economy and administration who can make sustainable decisions on long term basis.

    The only question that we can ask is “Kohomada Venasa Sapada”?

  • 2

    This paragraph quoted from the author’s text is important:

    “Accordingly, the Monetary Board led by Governor A.S. Jayawardena decided in 2002 as a part of the Bank’s modernisation programme to increase this cover over the time up to 100% of the Bank’s domestic assets. This target was reached in 2007 when the capital funds amounted to 103% of the domestic assets of the Bank. However, since then, it started falling reaching 45% in 2011, 41% in 2013, 25% in 2014 and now 18% in 2015. The ratio is, therefore, just above the minimum statutory level and if it falls below the statutory requirement of 15%, the Central Bank is technically bankrupt needing capital infusion by the Government.”

    Whether it is Sri Lankan Airlines or Central Bank or anyother institution in Sri Lanka cannot be a loss making institution. If so, the bosses of them has to be made answerable. What has happened in the past, although there is a bearing, should not be a reason to sleep or say nothing can be done.

    Whether it is Jarapassa times or even now the gift of appointing various people as head of institutions to enjoy power and not to build the institution seems to be the trend. We go through the motions of a 19th Amendment and all that with elaborate processes to cover the basic system of governance. I must say that we brought in the discipline of making everybody to pay for the CTB busses they used for the May Day activities unlike in the past. But the whetting process of a Consitutional Council etc. should cover even the plethora of commercial institutions as well so that nincompoops or rogues don’t have a hand in running these institutions.

    Political bosses should not be complaining at a rate about the past. We voted to throw away the past for the present lot to do a job of work properly. PLEASE GET ON WITH IT.

  • 1

    RE Sunil Daha

    You cannot compare one year rate with 20/30 year rate. This is our problem people who do not understand the Bond market commenting on it.

  • 1

    Wijewardena is hell-bent on saying that everything is wrong with the YP government. Why was he silent when Cabraal played havoc with the Greek Bonds?

  • 0

    The current governor is only interested in using state funds to buy suits and doing bond deals.

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