For someone wanting to know how Sri Lanka took its many turns of faith to get to its present economic conditions ‘Reminiscences of the Central Bank of Sri Lanka’ by Edmund Eramudugolla, is a book I recommend you start your journey with.
I am not an economist nor am I an erudite scholar. I consider myself an inquisitive reader eager to solve the many puzzles that time has thrust upon me with a sense of uncanny dark humour. Professionally I would like to be known as a dramatist.
I believe to call yourself a dramatist is vain and unbecoming. This is a title that is given to you by your spectators only when they feel you have satisfied their urge. The reason I speak of myself is so that you could decipher my worth in appreciating a book by a gentleman far greater that my own services.
‘Reminisces of the Central Bank of Sri Lanka’ is a story not only about Eramudugolla but also of the Central Bank of Sri Lanka.
He and the Bank are one from its very inception up until the end of its tale reaching the year 1977, and a brief opinion and incident in 2004. This book is easy to read as the writer it seems is an excellent storyteller.
This is no surprise to those who knew him as his credentials not only bear the weight of an economist but also that of an English scholar. I found it very inspiring to note that adding to his qualifications he was also a lawyer and that too, a Supreme Court lawyer but decided not to practice.
This book is an excellent timeline of how different Governments approached the countries monetary issues. From the time of Bandaranaike’s closed economy to J. R Jayewardene’s very opposite approach, this book will let you in on how the Central Bank observed these trends.
This book has many layers to it. Firstly it is a biography. The life of Eramudugolla, a gentleman far ahead of his time.
I mean this literally as he was below the required age to enter the Ceylon University College. Apparently he had sat for his exam before the age of 18, and had to wait a year to enrol as a university student.
Considering his qualifications in Economics, English, History and also mind you a Supreme Court Advocate, it is clearly observed that his keen eyes noticed everything. You cannot escape the honesty to his reminiscing.
Secondly, it is a story about the Central Bank. One may call it the origin story of the Bank through the objective and observant eyes of the book’s author.
I was quite surprised to read of the effort put in by officials to find an appropriate Sinhala name for the Bank.
Did you ever wonder the subtle difference in translation to the words “Central” and “Maha”? Small details like this I am sure the reader will love to make note of, therefore let me, let you find for tit bits of special information of this sorts.
Thirdly, it is one that maps the political economic landscape from Ceylon to Sri Lanka. The last point I found very interesting as Eramudugolla politely narrates the sensitivity to relationships that Governors in the Central Bank of the time had with the heads of states in Ceylon and Sri Lanka. These anecdotes give the reader the sensation of reading a novel.
I am greatly honoured to have written this review and very fortunate to have got my hands on a copy of this book, through Eramudugolla’s grandson and my good friend Dilshan Boange.
According to Vijitha Yapa the book’s publisher, the book is sold out and now out of print. I believe that this is a book that my generation needs to read if anyone ever wants to get into the banking sector or statesmanship.