Central Bank of Sri Lanka

Sri Lanka bonds.webp in the first half of 2022 during Sri Lankan economic crisis

]] The Central Bank of Sri Lanka (abbr. CBSL; ), known until 1985 as the Central Bank of Ceylon, is the central bank of Sri Lanka. It was established in 1950 under the Monetary Law Act No.58 of 1949 (MLA) and in terms of the Central Bank of Sri Lanka Act No. 16 of 2023, the CBSL is a body corporate with perpetual succession and a common seal. The Central Bank has administrative and financial autonomy. The CBSL has two main boards in operation, namely, the Governing Board (GB) and the Monetary Policy Board (MPB).

History

The Central Bank of Sri Lanka was established in 1950, two years after independence, succeeding the prior Board of Commissioners of Currency of Ceylon. The founder governor of the Central Bank of Sri Lanka was John Exter, while the minister of finance at the time was J. R. Jayewardene. Under the former name of Central Bank of Ceylon, it replaced the Currency Board that until then had been responsible for issuing the country's money. It is a member of the Asian Clearing Union.

The bank's main tasks are the conduct of monetary policy in Sri Lanka and also has wide supervisory powers over the financial system.

The bank is engaged in developing policies to promote financial inclusion and is a member of the Alliance for Financial Inclusion (AFI).[1]

Organisational structure

The Governor of the CBSL functions as its chief executive officer. The Governor, Deputy Governors and Assistant Governors, along with the Heads of Departments, form the senior management of the CBSL. Functionally, the CBSL presently consists of 29 departments, each headed by a Director (or equivalent), reporting to the Governor or the Deputy Governor through an Assistant Governor, with the exception of the Management Audit Department, which reports directly to the governor. The Economic Research and Bank Supervision Departments were explicitly set up under the original legislation establishing the CBSL, with certain statutory functions. The Economic Research Department, headed by the Director of Economic Research/Chief Economist, is required to compile data and conduct economic research for the guidance of the Monetary Board and for the information of the public, while the Bank Supervision Department, headed by the Director of Bank Supervision, is required to engage in the continuous regulation and supervision of all banking institutions in Sri Lanka.

The current members of the Governing Board of the Central Bank of Sri Lanka are:[5]

The current members of the Monetary Policy Board of the Central Bank of Sri Lanka are:[5]

1) Hon. Dr P. Nandalal Weerasinghe (Governor) - Chairman

2) Vish Govindasamy - Appointed Member

3) Nihal Fonseka - Appointed Member

4) Dr. Ravi Rathnayake - Appointed Member

5) Anushka Wijesinha - Appointed Member

6) Rajeev Amarasuriya - Appointed Member

7) Maithri Evan Wickremesinghe, P.C. - Appointed Member

1) Hon. Dr P. Nandalal Weerasinghe (Governor) - Chairman

2) Vish Govindasamy - Appointed Member

3) Nihal Fonseka - Appointed Member

4) Dr. Ravi Rathnayake - Appointed Member

5) Anushka Wijesinha - Appointed Member

6) Dr.(Ms) Dushni Weerakoon - Appointed Member

7) Prof. Priyanga Dunusinghe - Appointed Member

8) Maithri Evan Wickremesinghe, P.C. - Appointed Member

9) Manil Jayesinghe - Appointed Member

10) Dr. C. Amarasekara - Deputy Governor

11) Mr. K G P Sirikumara - Deputy Governor

headquarters	Colombo
coordinates	6.93399°N, 79.84225°W
established	August 28, 1950
president	Dr. Nandalal Weerasinghe
leader title	Governor
bank of	Sri Lanka
currency	Sri Lankan rupee
currency iso	LKR
website	www.cbsl.gov.lk
preceded	Currency Board System
reserves	US$6.0 billion

Central Bank of Sri Lanka

History

Organisational structure

Governors

Corporate Management

Central Bank of Sri Lanka response to Cyclone Ditwah

See also

External links

References