Saturday, June 7, 2008

Central Bank Of Sri Lanka


Established in 1950 under the Monetary Law Act No.58 of 1949 (MLA), the Central Bank of Sri Lanka (CBSL) is the apex institution in the financial sector in Sri Lanka. It is a semi-autonomous body and, following the amendments to the MLA in December 2002, is governed by a five member Monetary Board, comprising the Governor of the CBSL as Chairman, the Secretary to the Ministry of Finance and Planning and three members appointed by the President of Sri Lanka, on the recommendation of the Minister of Finance, with the concurrence of the Constitutional Council.

With a view to encouraging and promoting the development of the productive resources of Sri Lanka, the CBSL is responsible for securing its core objectives of economic and price stability and financial system stability. The CBSL is also responsible for currency issue and management. In addition, the CBSL is the advisor on economic affairs as well as the banker to the Government of Sri Lanka (GOSL). On behalf of GOSL, the CBSL, as its agent, is responsible for four agency functions of: management of the Employees Provident Fund; management of the public debt of Sri Lanka; administration of the provisions of the Exchange Control Act; and administration of foreign and government funded credit schemes for regional development.

The Governor of the CBSL functions as its Chief Executive Officer. The Governor, two Deputy Governors and several Assistant Governors, along with the Heads of Departments, form the senior management of the CBSL. Functionally, the CBSL presently consists of 26 Departments , each headed by a Director (or equivalent), reporting to the Governor or the Deputy Governor through an Assistant Governor, with the exception of the Management Audit Department, which reports directly to the Governor. The Economic Research and Bank Supervision Departments were explicitly set up under the original legislation establishing the CBSL, with certain statutory functions. The Economic Research Department is required to compile data and conduct economic research for the guidance of the Monetary Board and for the information of the public, while the Bank Supervision Department is required to engage in the continuous regulation and supervision of all banking institutions in Sri Lanka.

Regional Development

Regional Offices
The Central Bank has established three Regional Offices at Matara, Anuradhapura and Matale with a view to promoting regional economic activities with the assistance of the banking sector. The first Regional Office was opened at Matara in 1981 and the second and third Regional Offices at Anuradhapura and Matale in 1982 and 1985, respectively.

Areas of Operation
  • Matara Regional Office -Southern Province
  • Anuradhapura Regional Office - North Central, North and North Western Provinces
  • Matale Regional Office - Central Province and Kegalle District of Sabaragamuwa Province

Objectives
  • Supporting implementation and coordination of key functions of the CBSL in the regions.
  • Promoting the rural economy by facilitating the smooth and timely supply of financial assistance, guidance and marketing linkages and coordination of related support services to the regions in order to promote regional growth.
  • Contributing to the reduction of poverty and upliftment of economic and social conditions in the relevant regions through specific regional development activities.

Functions of the Regional Offices
  • Carrying out CBSL key functions in the regions.
  • Supporting RDD in the implementation of regional development lending programmes and other promotional activities.
  • Collecting and compileing regional information and disseminate economic and financial data and information to raise awareness.
  • Expanding outreach and createing awareness on banking and development among the rural communities by conducting seminars/workshops etc.
  • Supporting regional planning activities and undertakeing resource surveys to identify region specific problems that affect development activities in the region.
Website: http://www.cbsl.gov.lk

Contact Addresses


Regional Manager
Regional Office - Matara
35,
Anagarika Dharmapala Mawatha,
Matara
Tel: 041 2222269
Fax: 041 2222719
E-mail: romatara@sltnet.lk

Regional Manager
Regional Office - Anuradhapura
341,
1st Stage,
Anuradhapura
Tel: 025 2222024
Fax: 025 2225689
E-mail: cbslapr@sltnet.lk

Regional Manager
Regional Office - Matale
8,
Vidyala Mawatha,
Matale
Tel: 066 2222167
Fax: 066 2222175
E-mail: rmcbslm@sltnet.lk

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