Laws
Central Bank of Sri Lanka Act 2023
Part XIX
s 135

As enactedVersion · As enacted

EnglishSinhala · සිංහල, official PDF on documents.gov.lk Tamil · தமிழ், official PDF on documents.gov.lk

Contents

Central Bank of Sri Lanka Act 2023

Find in this Act

1Short title and date of operation

IEstablishment of the Central Bank

2Establishment of the Central Bank
3Principal place of business
4Capital of the Central Bank
5Autonomy and accountability of the Central Bank
6Objects of the Central Bank
7Powers, duties and functions of the Central Bank

IIGoverning Board, Monetary Policy Board, Governor and Deputy Governors

8Governing Board of the Central Bank
9Meetings of the Governing Board
10Confidentiality of proceedings of the Governing Board
11Monetary Policy Board
12Composition of the Monetary Policy Board
13Meetings of the Monetary Policy Board
14Powers of the Governor and the Deputy Governors of the Central Bank
15Appointment of the Governor and other appointed members and the Senior Deputy Governor of the Central Bank
16Term of office of the Governor of the Central Bank and an appointed member
17Eligibility and disqualifications of the Governor and other appointed members and Deputy Governors of the Central Bank
18Resignation from office
19Disqualifications and removal from office
20Restriction on subsequent actions
21Remuneration
22Codes of conduct

IIIEmployees of the Central Bank

23Appointment and removal of employees of the Central Bank
24Employees not to accept any other office
25Codes of conduct

IVInflation Target

26Inflation target
27Publication of report on inflation
28Action to preserve price stability

VMonetary and Other Operations

29Opening of accounts
30Custodial services of the Central Bank
31Open market operations
32Regulation of reserves of the financial institutions
33Monetary Policy Board to prescribe reserve ratios
34Consequences of reserve deficiencies
35Operational methods of monetary control
36Liquidity assistance to financial institutions

VIForeign Exchange Operations and International Reserves

37Foreign exchange operations of the Central Bank
38Central Bank not to accept any commission or impose any charges in foreign exchange operations
39Loans to and from foreign institutions
40Management of international reserves
41Information on exchange operations
42Control of foreign exchange holdings of commercial banks

VIICurrency and Legal Tender

43Currency
44Issuing power
45Prohibition against issue of notes by any person other than the Central Bank
46Liability for notes and coins
47Currency to be the legal tender
48Issue of commemorative currency notes or coins
49Characteristics of currency
50Contracts for printing of notes and minting of coins
51Exchange of currency
52Replacement of currency unfit for circulation
53Redemption of currency
54Currency stock
55Mutilation or defacement of currency notes
56Use of currency coin otherwise than as legal tender
57Conclusive evidence of imitation of a currency note
58Conclusive evidence of imitation of a coin or current coin

VIIIPayment and Settlement Systems

59Establishment of systems for transfer of funds and transfer and settlement of scripless securities
60Licensing and oversight

IXSupervision and Resolution of Financial Institutions

61Supervisory authority of the Central Bank
62Resolution authority of the Central Bank

XMacroprudential Authority

63Macroprudential objectives of the Central Bank
64Macroprudential powers of the Central Bank
65Monitoring, analysis and assessment of risks
66Macroprudential instruments
67Powers of the Central Bank upon financial institutions
68Designation of systemically important financial sector participants
69Central Bank to propose recommendations to the Financial System Oversight Committee
70Financial Stability Review

XIFinancial System Oversight Committee

71Establishment of the Financial System Oversight Committee
72Powers, duties and functions of the Financial System Oversight Committee
73Composition of the Financial System Oversight Committee
74Secretariat of the Financial System Oversight Committee
75Recommendations to public authorities and financial sector authorities

XIIInformation Exchange with Financial Sector Authorities

76Information exchange with regard to macroprudential issues
77Agreement

XIIIStatistics and Information

78Collection of statistics and information
79Dissemination of statistics and information

XIVRelationship with the Parliament, the Government and the Public

80Accountability
81Financial advisor, fiscal agent of, and banker to, the Government
82Depository for the Government
83Coordination Council
84Cooperation with the Government
85Inter-institutional cooperation
86Prohibition on monetary financing

XVCredit Operations

87Credit operations with credit institutions
88Stamp duty
89Registration of instrument of assignment
90Applicability of the Prevention of Frauds Ordinance
91Interpretation

XVIFinancial Provisions

92Accounting standards
93Financial year
94Reserve accounts
95Profits, losses and distributable earnings
96Allocation of distributable earnings
97Coverage of shortfall in capital
98Balance sheet of the Central Bank
99Annual financial statements
100Budget

XVIIInternal and External Audits

101Auditing of the accounts of the Central Bank
102Appointment of Chief Internal Auditor
103Audit Committee

XVIIIGeneral Provisions

104Duty of the Central Bank to support the economic policy of the Government
105Regulatory instruments
106Publication of rules and directions
107Administrative measures
108Power of the Central Bank to suspend or restrict business of a banking institution
109Training
110Offences under this Act
111Penalty
112Compounding offences
113Fees and charges
114Prohibited activities
115Provisions of this Act to prevail over other written law
116Tax exemption
117Preferential right
118Immunity from prejudgment attachment
119Confidentiality
120Protection from action
121Indemnification for costs in legal proceedings
122Members and employees deemed to be public servants
123Central Bank deemed to be a Scheduled Institution
124Interpretation

XIXRepeals and Savings

125Repeal of the Monetary Law Act
126Continuation of terms of office
127Provisional advances
128Central Bank to purchase securities issued by the Government
129Transitory credit to the Government
130Application of distributable earnings to restore the capital
131Transitory credit to credit institutions in respect of lending operations carried out for productive purposes
132Central Bank to continue to act as agent of the Government
133Rights and obligations of the Monetary Board
134Savings
135Sinhala text to prevail in case of inconsistency

Central Bank of Sri Lanka Act 2023 · As enacted · Part XIX · Repeals and Savings

135. Sinhala text to prevail in case of inconsistency

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

Official translationFrom Department of Government Printing, unchanged

In the event of any inconsistency between the

Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.

Details

Central Bank of Sri Lanka Act 2023 · s 135

Saving and following need a free account.Sign in

Where this comes from

Department of Government Printing · Central Bank of Sri Lanka Act 2023, As enacted. We last updated this text on 9 Oct 2026.

Open the official text

Previous · s 134Savings