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Central Bank of Sri Lanka



Established in 1950 under the Monetary Law Act No.58 of 1949 (MLA), the Central Bank of Sri Lanka (CBSL) is the apex institution in the financial sector in Sri Lanka. It is a semi-autonomous body and following the amendments to the MLA in December 2002, is governed by a five member Monetary Board, comprising the Governor of the Central Bank as Chairman, the Secretary to the Ministry of Finance and Planning and three members appointed by the President of Sri Lanka, on the recommendation of the Minister of Finance, with the concurrence of the Constitutional Council.

As indicated in recent amendments to the MLA, the Central Bank is charged with securing the objectives of economic and price stability and financial system stability, with a view to encouraging and promoting the development of the productive resources of Sri Lanka. In its efforts to achieve these objectives, the CBSL performs not only the traditional functions of a central bank, but also plays a developmental role. It is the advisor to the Government of Sri Lanka (GOSL) on economic affairs and a banker to the GOSL, is responsible for the management of the public debt of the GOSL and the implementation of Exchange Control Regulations. It is the banker to commercial banks and is responsible for ensuring the stability of the financial sector. In addition, the CBSL is responsible for managing the country's main superannuation fund (the Employees' Provident Fund) and has a significant role in developing financial activities in the rural sector.

The Governor of the CBSL functions as its Chief Executive Officer. The Governor, two Deputy Governors and several Assistants to the Governor along with the Heads of Departments, form the senior management of the CBSL. Functionally, the CBSL presently consists of 25 Departments, each headed by a Director (or equivalent), reporting to a Deputy Governor. Two of these Departments, Economic Research and Bank Supervision were explicitly set up under the original legislation establishing the CBSL, with certain statutory functions. The Economic Research Department is required to compile data and conduct economic research for the guidance of the Monetary Board and for the information of the public. The Department of Bank Supervision is required to engage in the continuous supervision and periodic examination of all banking institutions in Sri Lanka

Central Bank's official web site
 

 


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