View All - 2023 Acts	Section No :
Acts & Ordinances CENTRAL BANK OF SRI LANKA ACT Marginal Notes 1. Short title and date of operation 2. Establishment of the Central Bank 3. Principal place of business 4. Capital of the Central Bank 5. Autonomy and accountability of the Central Bank 6. Objects of the Central Bank 7. Powers, duties and functions of the Central Bank 8. Governing Board of the Central Bank 9. Meetings of the Governing Board 10. Confidentiality of proceedings of the Governing Board 11. Monetary Policy Board 12. Composition of the Monetary Policy Board 13. Meetings of the Monetary Policy Board 14. Powers of the Governor and the Deputy Governors of the Central Bank 15. Appointment of the Governor and other appointed members and the Senior Deputy Governor of the Central Bank 16. Term of office of the Governor of the Central Bank and an appointed member 17. Eligibility and disqualifications of the Governor and other appointed members and Deputy Governors of the Central Bank 18. Resignation from office 19. Disqualifications and removal from office 20. Restriction on subsequent actions 21. Remuneration 22. Codes of conduct 23. Appointment and removal of employees of the Central Bank 24. Employees not to accept any other office 25. Codes of conduct 26. Inflation target 27. Publication of report on inflation 28. Action to preserve price stability 29. Opening of accounts 30. Custodial services of the Central Bank 31. Open market operations 32. Regulation of reserves of the financial institutions 33. Monetary Policy Board to prescribe reserve ratios 34. Consequences of reserve deficiencies 35. Operational methods of monetary control 36. Liquidity assistance to financial institutions 37. Foreign exchange operations of the Central Bank 38. Central Bank not to accept any commission or impose any charges in foreign exchange operations 39. Loans to and from foreign institutions 40. Management of international reserves 41. Information on exchange operations 42. Control of foreign exchange holdings of commercial banks 43. Currency 44. Issuing power 45. Prohibition against issue of notes by any person other than the Central Bank 46. Liability for notes and coins 47. Currency to be the legal tender 48. Issue of commemorative currency notes or coins 49. Characteristics of currency 50. Contracts for printing of notes and minting of coins 51. Exchange of currency 52. Replacement of currency unfit for circulation 53. Redemption of currency 54. Currency stock 55. Mutilation or defacement of currency notes 56. Use of currency coin otherwise than as legal tender 57. Conclusive evidence of imitation of a currency note 58. Conclusive evidence of imitation of a coin or current coin 59. Establishment of systems for transfer of funds and transfer and settlement of scripless securities 60. Licensing and oversight 61. Supervisory authority of the Central Bank 62. Resolution authority of the Central Bank 63. Macroprudential objectives of the Central Bank 64. Macroprudential powers of the Central Bank 65. Monitoring, analysis and assessment of risks 66. Macroprudential instruments 67. Powers of the Central Bank upon financial institutions 68. Designation of systemically important financial sector participants 69. Central Bank to propose recommendations to the Financial System Oversight Committee 70. Financial Stability Review 71. Establishment of the Financial System Oversight Committee 72. Powers, duties and functions of the Financial System Oversight Committee 73. Composition of the Financial System Oversight Committee 74. Secretariat of the Financial System Oversight Committee 75. Recommendations to public authorities and financial sector authorities 76. Information exchange with regard to macroprudential issues 77. Agreement 78. Collection of statistics and information 79. Dissemination of statistics and information 80. Accountability 81. Financial advisor, fiscal agent of, and banker to, the Government 82. Depository for the Government 83. Coordination Council 84. Cooperation with the Government 85. Inter- institutional cooperation 86. Prohibition on monetary financing 87. Credit operations with credit institutions 88. Stamp duty 89. Registration of instrument of assignment 90. Applicability of the Prevention of Frauds Ordinance 91. Interpretation 92. Accounting standards 93. Financial year 94. Reserve accounts 95. Profits, losses and distributable earnings 96. Allocation of distributable earnings 97. Coverage of shortfall in capital 98. Balance sheet of the Central Bank 99. Annual financial statements 100. Budget 101. Auditing of the accounts of the Central Bank 102. Appointment of Chief Internal Auditor 103. Audit Committee 104. Duty of the Central Bank to support the economic policy of the Government 105. Regulatory instruments 106. Publication of rules and directions 107. Administrative measures 108. Power of the Central Bank to suspend or restrict business of a banking institution 109. Training 110. Offences under this Act 111. Penalty 112. Compounding offences 113. Fees and charges 114. Prohibited activities 115. Provisions of this Act to prevail over other written law 116. Tax exemption 117. Preferential right 118. Immunity from prejudgment attachment 119. Confidentiality 120. Protection from action 121. Indemnification for costs in legal proceedings 122. Members and employees deemed to be public servants 123. Central Bank deemed to be a Scheduled Institution. 124. Interpretation 125. Repeal of the Monetary Law Act (Chapter 422) 126. Continuation of terms of office 127. Provisional advances 128. Central Bank to purchase securities issued by the Government 129. Transitory credit to the Government 130. Application of distributable earnings to restore the capital 131. Transitory credit to credit institutions in respect of lending operations carried out for productive purposes 132. Central Bank to continue to act as agent of the Government 133. Rights and obligations of the Monetary Board 134. Savings 135. Sinhala text to prevail in case of inconsistency