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As enacted
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Contents

Part XIV · Relationship with the Parliament, the Government and the Public

83. Coordination Council

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

(1)

There shall be a Council for the Coordination of

Fiscal, Monetary and Financial Stability Policies of the

Central Bank, (in this Act referred to as the “Coordination

Council”) consisting of the following members:—

(a)

the Governor of the Central Bank, who shall be the Chairperson;

(b)

the Secretary to the Treasury; and

(c)

the Secretary to the Ministry of the Minister assigned the subject of Economic Policy, in the event that such subject is assigned to a Minister other than the Minister of Finance.

(2)

The Coordination Council shall hold its meetings quarterly to share information and exchange views on recent macroeconomic developments, outlook, and risks.

(3)

The Chairperson of the Coordination Council shall call for an emergency meeting to share information and exchange views on any event or circumstance that poses a significant risk to financial stability, or that is expected to have a substantial adverse effect on economic activity, in

Sri Lanka, with contagion effects among financial sector participants.

(4)

The Central Bank shall place before the Coordination

Council—

(a)

the data relevant for the purpose of subsection (2); and

(b)

the assessment of the Central Bank regarding the impact of economic policies of the

Government on inflation, monetary conditions and fiscal operations.

(5)

For the avoidance of doubts, the Coordination Council shall have no authority to make decisions over the fiscal, monetary and financial stability policies.

Read on from s 84

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