Central Bank of Sri Lanka

Central Bank of Sri Lanka
ශ්‍රී ලංකා මහ බැංකුව
இலங்கை மத்திய வங்கி
Central Bank of Sri Lanka logo
Headquarters	Colombo
Established	1950 August 28
Governor	Indrajit Coomaraswamy
Central bank of	Sri Lanka
Currency	Sri Lankan Rupee LKR (ISO 4217)
Preceded by	Currency Board System
Website	www.cbsl.gov.lk

The Central Bank of Sri Lanka (CBSL) (Sinhala: ශ්‍රී ලංකා මහ බැංකුව Sri Lanka Maha Bænkuwa) is the central bank of Sri Lanka. Established in 1950 under the Monetary Law Act No.58 of 1949 (MLA), 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 CBSL as chairman, 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.

History

The Central Bank of Sri Lanka was established in 1950, two years after independence. 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 is responsible for 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]

With a view to encouraging and promoting the development of the productive resources of Sri Lanka, the CBSL is responsible for securing its core objectives of economic and price stability and financial system stability. The CBSL is also responsible for currency issue and management. In addition, the CBSL is the advisor on economic affairs as well as the banker to the Government of Sri Lanka (GOSL). On behalf of GOSL, the CBSL, as its agent, is responsible for four agency functions of: management of the Employees Provident Fund; management of the public debt of Sri Lanka; administration of the provisions of the Exchange Control Act; and administration of foreign and government funded credit schemes for regional development.

Organisational structure

The Governor of the CBSL functions as its chief executive officer. The governor, two deputy governors and several assistant governors, along with the heads of departments, form the senior management of the CBSL. Functionally, the CBSL presently consists of 27 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.

Central Bank of Sri Lanka Building

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 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 is required to engage in the continuous regulation and supervision of all banking institutions in Sri Lanka.

The current members of the Monetary Board of Central Bank of Sri Lanka are

1. Indrajit Coomaraswamy - Chairman (Governor)
2. Dr. R. H. S. Samaratunga - Ex-officio Member (Secretary to the Ministry of Finance and Planning)
3. Mrs. Manohari Ramanathan - Appointed Member
4. Mr. R. A. Jayatissa - Appointed Member
5. Mr. C. P. R. Perera - Appointed Member

Governors

Main article: Governor of the Central Bank of Sri Lanka

References

↑ "AFI members". AFI Global. 2011-10-10. Retrieved 2012-02-23.

External links

Central Bank of Sri Lanka (official website)

Banking in Sri Lanka

Commercial banks

Local	Amana Bank BOC Cargills Bank Commercial Bank DFCC Bank HDFC Bank HNB Lankaputhra Development Bank NDB NSB Nations Trust Bank Pan Asia Bank People's Bank Regional Development Bank Sampath Bank Sanasa Development Bank Seylan Bank Sri Lanka Savings Bank State Mortgage and Investment Bank Union Bank

Foreign	Axis Bank Citibank Deutsche Bank Habib Bank HSBC ICICI Bank Indian Bank Indian Overseas Bank MCB Bank Public Bank Berhad Standard Chartered State Bank of India

Other financial
institutions

Abans Finance
Alliance Finance
AMW Capital Leasing and Finance
Arpico Finance
Asia Asset Finance
Asian Finance
Associated Motor Finance
Bimputh Finance
BRAC Lanka Finance
Capital Alliance Finance
Central Finance
Central Investments and Finance
Chilaw Finance
Citizens Development Business Finance
City Finance Corporation
Commercial Credit and Finance
Commercial Leasing and Finance
ETI Finance
The Finance Company
George Steuart Finance
HNB Grameen Finance
Ideal Finance
Kanrich Finance
LB Finance
LOLC Finance
Melsta Regal Finance
Mercantile Investments and Finance
Merchant Bank of Sri Lanka and Finance
Multi Finance
Nation Lanka Finance
Orient Finance
People's Leasing and Finance
People's Merchant Finance
Richard Pieris Finance
Sarvodaya Development Finance
Senkadagala Finance
Serendib Finance
Singer Finance (Lanka)
Sinhaputhra Finance
Siyapatha Finance
Softlogic Finance
The Standard Credit Finance
Swarnamahal Financial Services
TKS Finance
Trade Finance & Investments
UB Finance
Vallibel Finance

Interbank

Networks	Cirrus LankaPay CAS Plus

Payment systems	LankaPay CEFTS Sri Lanka Interbank Payment System

Governing bodies

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria National Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Central Bank of Madagascar Reserve Bank of Malawi Central Bank of Mauritania Bank of Mauritius Bank Al-Maghrib (Morocco) Bank of Mozambique Bank of Namibia Central Bank of Nigeria National Bank of Rwanda Central Bank of São Tomé and Príncipe Central Bank of Seychelles Bank of Sierra Leone Central Bank of Somalia Bank of Somaliland South African Reserve Bank Bank of South Sudan Central Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Bermuda Monetary Authority Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Cayman Islands Monetary Authority Central Bank of Ecuador Bank of Guatemala Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of the Uruguay Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board Autoriti Monetari Brunei Darussalam National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Saudi Arabian Monetary Agency Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of Turkmenistan Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam Central Bank of Yemen

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia National Bank of Austria Central Bank of Azerbaijan National Bank of the Republic of Belarus National Bank of Belgium Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Central Bank of Cyprus Czech National Bank Danmarks Nationalbank (Denmark) Deutsche Bundesbank (Germany) Bank of England Bank of Estonia Bank of Finland Banque de France National Bank of Georgia Bank of Greece Hungarian National Bank Central Bank of Iceland Central Bank of Ireland Banca d'Italia Central Bank of Kosovo Bank of Latvia Bank of Lithuania Central Bank of Luxembourg National Bank of the Republic of Macedonia Central Bank of Malta National Bank of Moldova Central Bank of Montenegro De Nederlandsche Bank Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland Banco de Portugal National Bank of Romania Central Bank of Russia National Bank of Serbia National Bank of Slovakia Bank of Slovenia Gosbank (Soviet Union) Bank of Spain Swedish National Bank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga Reserve Bank of Vanuatu

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4

Implementation	Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of Asia-Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

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