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srilawsby aturio
As enacted
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Part II · Governing Board, Monetary Policy Board, Governor and Deputy Governors

13. Meetings of the Monetary Policy Board

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Monetary Policy Board shall meet at least once in two months.

(2)

Every year, the schedule of meetings of the

Monetary Policy Board shall be published by the Central

Bank prior to the first meeting in that year.

(3)

The schedule of meetings may be changed, if the

Chairperson of the Monetary Policy Board is of the view that an additional meeting or a reschedule of meeting is required due to any exigency. In such circumstances, the revised schedule of meetings shall be published by the

Central Bank as soon as practicable.

(4)

The Chairperson of the Monetary Policy Board shall, if present, preside at every meeting of the Monetary Policy

Board. In the absence of the Chairperson from any meeting, an appointed member elected by the members present at that meeting shall preside at such meeting.

(5)

The quorum for a meeting of the Monetary Policy

Board shall be eight members of which one shall be the

Governor of the Central Bank or in his absence, the Deputy

Governor of the Central Bank in charge of price stability.

(6)

Each member of the Monetary Policy Board shall have one vote and in the event of an equality of votes at any meeting of the Monetary Policy Board, the member presiding at such meeting shall, in addition to his vote, have a casting vote.

(7)

All matters for decision at any meeting of the

Monetary Policy Board shall be decided by the votes of the majority of the members present.

(8)

The proceedings of the meeting of the Monetary

Policy Board shall be confidential to the extent permitted under the Right to Information Act, No. 12 of 2016.

(9)

The Monetary Policy Board shall publish the resolution adopted by it after the conclusion of every meeting of the Monetary Policy Board with an explanation of recent economic developments and the economic outlook which underpins such resolution.

(10)

The Monetary Policy Board may make rules of procedure for the exercise, performance and discharge of its powers, duties and functions.

(11)

The rules of procedure may provide for the manner in which the meetings of the Monetary Policy Board shall be conducted.

(12)

The minutes of each meeting of the Monetary

Policy Board shall be kept in writing, and retained at least for a period of twelve years.

(13)

No act, decision or proceeding of the Monetary

Policy Board shall be deemed to be invalid by reason only of the existence of any vacancy in the Monetary Policy

Board or any defect in the appointment of any member of the Monetary Policy Board.

Read on from s 14

Part III

Employees of the Central Bank

Read on from Part III

Part IV

Inflation Target

Read on from Part IV

Part V

Monetary and Other Operations

Read on from Part V

Part VI

Foreign Exchange Operations and International Reserves

Read on from Part VI

Part VII

Currency and Legal Tender

Read on from Part VII

Part VIII

Payment and Settlement Systems

Read on from Part VIII

Part IX

Supervision and Resolution of Financial Institutions

Read on from Part IX

Part X

Macroprudential Authority

Read on from Part X

Part XI

Financial System Oversight Committee

Read on from Part XI

Part XII

Information Exchange with Financial Sector Authorities

Read on from Part XII

Part XIII

Statistics and Information

Read on from Part XIII

Part XIV

Relationship with the Parliament, the Government and the Public

Read on from Part XIV

Part XV

Credit Operations

Read on from Part XV

Part XVI

Financial Provisions

Read on from Part XVI

Part XVII

Internal and External Audits

Read on from Part XVII

Part XVIII

General Provisions

Read on from Part XVIII

Part XIX

Repeals and Savings

Read on from Part XIX