View All - 2023 Acts Section No : Acts & Ordinances CENTRAL BANK OF SRI LANKA ACTMarginal Notes1. Short title and date of operation2. Establishment of the Central Bank3. Principal place of business4. Capital of the Central Bank5. Autonomy and accountability of the Central Bank6. Objects of the Central Bank7. Powers, duties and functions of the Central Bank8. Governing Board of the Central Bank9. Meetings of the Governing Board10. Confidentiality of proceedings of the Governing Board11. Monetary Policy Board12. Composition of the Monetary Policy Board13. Meetings of the Monetary Policy Board14. Powers of the Governor and the Deputy Governors of the Central Bank15. Appointment of the Governor and other appointed members and the Senior Deputy Governor of the Central Bank16. Term of office of the Governor of the Central Bank and an appointed member17. Eligibility and disqualifications of the Governor and other appointed members and Deputy Governors of the Central Bank18. Resignation from office19. Disqualifications and removal from office20. Restriction on subsequent actions21. Remuneration22. Codes of conduct23. Appointment and removal of employees of the Central Bank24. Employees not to accept any other office25. Codes of conduct26. Inflation target27. Publication of report on inflation28. Action to preserve price stability29. Opening of accounts30. Custodial services of the Central Bank31. Open market operations32. Regulation of reserves of the financial institutions33. Monetary Policy Board to prescribe reserve ratios34. Consequences of reserve deficiencies35. Operational methods of monetary control36. Liquidity assistance to financial institutions37. Foreign exchange operations of the Central Bank38. Central Bank not to accept any commission or impose any charges in foreign exchange operations39. Loans to and from foreign institutions40. Management of international reserves41. Information on exchange operations42. Control of foreign exchange holdings of commercial banks43. Currency44. Issuing power45. Prohibition against issue of notes by any person other than the Central Bank46. Liability for notes and coins47. Currency to be the legal tender48. Issue of commemorative currency notes or coins49. Characteristics of currency50. Contracts for printing of notes and minting of coins51. Exchange of currency52. Replacement of currency unfit for circulation53. Redemption of currency54. Currency stock55. Mutilation or defacement of currency notes56. Use of currency coin otherwise than as legal tender57. Conclusive evidence of imitation of a currency note58. Conclusive evidence of imitation of a coin or current coin59. Establishment of systems for transfer of funds and transfer and settlement of scripless securities60. Licensing and oversight61. Supervisory authority of the Central Bank62. Resolution authority of the Central Bank63. Macroprudential objectives of the Central Bank64. Macroprudential powers of the Central Bank65. Monitoring, analysis and assessment of risks66. Macroprudential instruments67. Powers of the Central Bank upon financial institutions68. Designation of systemically important financial sector participants69. Central Bank to propose recommendations to the Financial System Oversight Committee70. Financial Stability Review71. Establishment of the Financial System Oversight Committee72. Powers, duties and functions of the Financial System Oversight Committee73. Composition of the Financial System Oversight Committee74. Secretariat of the Financial System Oversight Committee75. Recommendations to public authorities and financial sector authorities76. Information exchange with regard to macroprudential issues77. Agreement78. Collection of statistics and information79. Dissemination of statistics and information80. Accountability81. Financial advisor, fiscal agent of, and banker to, the Government82. Depository for the Government83. Coordination Council84. Cooperation with the Government85. Inter- institutional cooperation86. Prohibition on monetary financing87. Credit operations with credit institutions88. Stamp duty89. Registration of instrument of assignment90. Applicability of the Prevention of Frauds Ordinance91. Interpretation92. Accounting standards93. Financial year94. Reserve accounts95. Profits, losses and distributable earnings96. Allocation of distributable earnings97. Coverage of shortfall in capital98. Balance sheet of the Central Bank99. Annual financial statements100. Budget101. Auditing of the accounts of the Central Bank102. Appointment of Chief Internal Auditor103. Audit Committee104. Duty of the Central Bank to support the economic policy of the Government105. Regulatory instruments106. Publication of rules and directions107. Administrative measures108. Power of the Central Bank to suspend or restrict business of a banking institution109. Training110. Offences under this Act111. Penalty112. Compounding offences113. Fees and charges114. Prohibited activities115. Provisions of this Act to prevail over other written law116. Tax exemption117. Preferential right118. Immunity from prejudgment attachment119. Confidentiality120. Protection from action121. Indemnification for costs in legal proceedings122. Members and employees deemed to be public servants123. Central Bank deemed to be a Scheduled Institution.124. Interpretation125. Repeal of the Monetary Law Act (Chapter 422)126. Continuation of terms of office127. Provisional advances128. Central Bank to purchase securities issued by the Government129. Transitory credit to the Government130. Application of distributable earnings to restore the capital131. Transitory credit to credit institutions in respect of lending operations carried out for productive purposes132. Central Bank to continue to act as agent of the Government133. Rights and obligations of the Monetary Board134. Savings135. Sinhala text to prevail in case of inconsistency