Dr. Indrajit Coomaraswamy, who was named as the next Governor of the Central Bank by President Maithripala Sirisena a few hours ago, arrived at the President's Official Residence for a meeting.

Coomaraswamy will assume duties as the CBSL Governor on Monday.

The President's Media Unit said, a short while ago, that the decision to appoint Coomaraswamy as the Central Bank chief was made after a discussion between the President and the Prime Minister.

He replaces Arjuna Mahendran, who was alleged to have been involved in insider trading during controversial Central Bank bond issues. The matter is currently being investigated by the COPE.

A renowned economist from a well known Tamil family in Sri Lanka, Coomaraswamy once served in the Central Bank from 1973 to 1989, before joining the Commonwealth Secretariat. He worked there from 1990 to 2008.