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Central Bank of Sri Lanka

The Central Bank of Sri Lanka (CBSL) was set up in 1950 as per the Monetary Law Act No. 58 of 1949 or MLA. It is the governing body of this South Asian country’s banking sector. The semi-independent organization is presently administered by the Monetary Board, as per the MLA modifications that were effected in December 2002.

Central Bank of Sri Lanka - Profile:
The CBSL operates with the vision of being a dynamic and reliable central banking entity that contributes well to Sri Lanka’s economic progress. Its mission is to make sure that the economy, financial system and currency stay stable so that Sri Lanka can grow financially.

Following are the major values of this central bank:
  • Inspirational leadership
  • Lifelong knowledge gathering and sharing combined with innovation
  • Transparency
  • Consistent, timely, and accurate actions
  • Accountability
  • Making sure the bank is operationally independent so that it can make the right policies and then implement them
  • Integrity
  • Continuous and urgent commitment towards outputs and results
  • Professional competence
  • Commitment towards work practices that encourage participation and collaboration

The Central Bank of Sri Lanka operates with the following monetary policy instruments:
  • Statutory Reserve Requirement
  • Policy Interest Rates and Open Market Operations

Central Bank of Sri Lanka - Provincial Offices:
CBSL has offices in five provinces – Southern Province, Northern Province, North Central Province, Eastern Province, and Central Province. The offices are based at the following locations:
  • Galle
  • Badulla
  • Matara
  • Jaffna
  • Hambantota
  • Mullaitivu
  • Monaragala
  • Kilinochchi
  • Anuradhapura
  • Mannar
  • Polonnaruwa
  • Vavunia
  • Kandy
  • Trincomalee
  • Matale
  • Baticaloa
  • Nuwara Eliya
  • Ampara

Central Bank of Sri Lanka - Monetary Board:
The Monetary Board of the CBSL is made up of five members – the CBSL Governor who operates as the Chairman, the Secretary of the Ministry of Finance and Planning, and the other three members who are chosen by the Sri Lankan President. These members are recommended by the Minister of Finance along with the Constitutional Council.
Central Bank of Sri Lanka - Objectives:
The objectives of the CBSL can be listed as below:
  • Promotion, development, and support of Sri Lanka’s productive economic resources
  • Managing Employees Provident Fund
  • Achieving price and economic stability
  • Managing Public Debt
  • Issuing and management of currency notes
  • Administering the Exchange Control Act
  • Advising on economic affairs
  • Administering government and overseas credit programs
  • Financial assistance to the Sri Lankan Government

Central Bank of Sri Lanka - Functions:
The various functions of the bank are as follows:
  • Managing and issuing currency
  • Regional development
  • Managing employees’ provident fund
  • Providing fiscal intelligence
  • Managing foreign exchange
  • Monitoring the provincial offices
  • Managing public debt

Central Bank of Sri Lanka - Senior Management Team:
The senior management team of the bank is made up of the following dignitaries:
  • Governor
  • Assistant Governors
  • Deputy Governors
  • Heads of Departments

At present Ajith Nivard Cabraal serves as the Governor.
Central Bank of Sri Lanka - Contact Details:
The contact details of the CBSL are as follows:
Head Office:
Central Bank of Sri Lanka
P.O. Box 590,
30, Janadhipathi Mawatha,
Colombo 01
Sri Lanka
Phone: 94-11-2477000, 94-11-2440330, 94-11-2330220
Helpdesk numbers: 94-11-2387018, 94-11-2387019, 94-11-2387021
E-mail: cbslgen@cbsl.lk

For more information on the Central Bank of Sri Lanka click here

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Last Updated on : 30th July 2013

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