Central Bank of Sri Lanka
| Headquarters | Colombo , Sri Lanka |
| founding | August 28, 1950 |
| country | Sri Lanka |
| currency | |
| ISO 4217 | LKR |
| Currency reserves | US $ 6.5 billion (November 2019) |
| Website | |
| List of central banks | |
The Central Bank of Sri Lanka (CBSL) ( Sinhala : ශ්රී ලංකා මහ බැංකුව) is the central bank of Sri Lanka . It was incorporated in 1950 under the Monetary Law Act No. 58 of 1949 (MLA). It is a state-owned, semi-autonomous body and, following the amendments to the Monetary Law Act in December 2002, is chaired by a five-member currency committee. This consists of the governor as chairman, the secretary of the Ministry of Finance and Planning and three members appointed by the President of Sri Lanka on the recommendation of the Minister of Finance in agreement with the Constitutional Council.
history
The Central Bank of Sri Lanka was established in 1950, two years after the country gained independence. The founding governor of the Central Bank of Sri Lanka was the American economist John Exter , while the then Treasury Secretary was JR Jayewardene . Under the former name of the Central Bank of Ceylon, it replaced the Currency Board, which until then was responsible for issuing the country's money. The bank has been a member of the Asian Clearing Union since 1974 .
In order to ensure the development of Sri Lanka's economy, the CBSL is responsible for maintaining price stability and the stability of the financial system. The CBSL is also responsible for issuing and managing foreign currency. In addition, the CBSL is the economic affairs advisor as well as the banker to the Government of Sri Lanka. On behalf of the government, the CBSL has four functions as its agent: administration of the Employees Provident Fund; Sri Lankan Foreign Exchange Reserve Management; Administration of the provisions of the Stock Exchange Control Act; Administration of foreign and state-funded loans for regional development.
organization structure
The governor of the CBSL acts as the chief executive officer. The governor, two deputy governors and several deputy governors, together with the department heads, form the management of the CBSL. Functionally, the CBSL currently consists of 27 departments, each headed by a director (or equivalent), reporting to the governor or deputy governor through a deputy governor, with the exception of the management review department, which reports directly to the governor.
The Economic Research and Banking Supervision Departments were specifically established in accordance with the original legislation establishing the CBSL with certain statutory functions. The Department of Economic Research is required to collect data and conduct economic research to guide the Monetary Committee and inform the public, while the Department of Banking Supervision is responsible for the continuous regulation and supervision of all banking institutions in Sri Lanka.
Individual evidence
- ^ Sri Lanka Foreign Exchange Reserves . ceic.com. Accessed November 24, 2019
- ↑ About the Bank Overview | Central Bank of Sri Lanka. Retrieved December 23, 2019 .