Skip to content
As enacted
Contents

Part II · Governing Board, Monetary Policy Board, Governor and Deputy Governors

14. Powers of the Governor and the Deputy Governors of the Central Bank

Official English translation. The Sinhala text prevails.

(1)

The Governor of the Central Bank shall be the

Chief Executive Officer and the principal representative of the Central Bank.

(2)

The Governor of the Central Bank, in consultation with the Deputy Governors, shall be responsible for-

(a)

the day-to-day operations of the Central Bank; and

(b)

implementing policy decisions of the Governing

Board and the Monetary Policy Board.

(3)

The Governor of the Central Bank shall discharge such other functions of the Central Bank expressly assigned to the Governor of the Central Bank by the Governing Board or the Monetary Policy Board.

(4)

The Governor of the Central Bank shall have the authority to sign any rule, order, direction, notice, contract, promissory note, security, report, balance sheet, statement, or such other document on behalf of the Central Bank.

(5)

The Governor of the Central Bank shall devote his full professional time to the business of the Central Bank.

(6)

The Governor of the Central Bank shall not accept or hold any other office or employment whatsoever, whether public or private, and whether remunerated or not.

(7)

The Governor of the Central Bank may delegate any of his powers, duties and functions to the Senior Deputy

Governor of the Central Bank, or with the concurrence of the Governing Board to any other Deputy Governor of the

Central Bank.

(8)

Where the Governor of the Central Bank is temporarily absent from duty or is temporarily unable to exercise, perform and discharge his powers, duties and functions, the Senior Deputy Governor of the Central Bank designated in terms of subsection (8) of section 15 shall act as the Chief Executive Officer of the Central Bank and shall have authority to exercise, perform and discharge the powers, duties and functions of the Governor of the Central Bank.

(9)

Where both the Governor of the Central Bank and the Senior Deputy Governor of the Central Bank are temporarily absent from duty or are temporarily unable to exercise, perform and discharge their powers, duties and functions, the Governing Board shall appoint a Deputy

Governor of the Central Bank to act as the Chief Executive

Officer of the Central Bank.

(10)

The Deputy Governor of the Central Bank appointed under subsection (9) shall be designated as the acting Chief Executive Officer of the Central Bank.

(11)

(a)

Where the Governor of the Central Bank vacates or ceases to hold office for any reason, the Senior

Deputy Governor of the Central Bank designated in terms of subsection (8) of section 15 shall act as the Chief Executive

Officer of the Central Bank.

(b)

Where the Senior Deputy Governor of the Central

Bank referred to in paragraph (a) is unable to act as the Chief

Executive Officer for any reason, the acting Chief Executive

Officer designated in terms of subsection (10) shall act as the Chief Executive Officer of the Central Bank.

(12)

The office of the Governor of the Central Bank shall not remain vacant for a period of more than forty-five days.

Part III

Employees of the Central Bank

Part IV

Inflation Target

Part V

Monetary and Other Operations

Part VI

Foreign Exchange Operations and International Reserves

Part VII

Currency and Legal Tender

Part VIII

Payment and Settlement Systems

Part IX

Supervision and Resolution of Financial Institutions

Part X

Macroprudential Authority

Part XI

Financial System Oversight Committee

Part XII

Information Exchange with Financial Sector Authorities

Part XIII

Statistics and Information

Part XIV

Relationship with the Parliament, the Government and the Public

Part XV

Credit Operations

Part XVI

Financial Provisions

Part XVII

Internal and External Audits

Part XVIII

General Provisions

Part XIX

Repeals and Savings