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srilawsby aturio
As enacted
Contents

Part II · Payment, Clearing and Settlement Systems and Money Services

5. Payment system policy

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

(1)

The Central Bank shall have the power to formulate, adopt and monitor the implementation of a payment system policy for Sri Lanka. Such policy shall be made public.

(2)

In the exercise of its powers under subsection (1) the

Central Bank shall be guided by best international standards.

The payment system policy of the Central Bank shall primarily be designed to facilitate the overall stability of the financial system, promote payment system safety and efficiency and control risk. Subject to this primary objective, the policy shall be designed to enhance other aspects of the public interest and particularly contribute to the promotion of competition in the market for payment services and the protection of payment system users.

(3)

In promoting safety and efficiency of the payment system the Central Bank shall co-operate with Central Banks of other countries and with other relevant domestic or foreign authorities.

Read on from s 6

Part III

Read on from Part III

Part IV

Miscellaneous Provisions

Read on from Part IV