Central Bank of Sri Lanka.

The Central Bank of Sri Lanka was established under the Monetary Law Act No. 58 of 1949 and commenced its business on August 28, 1950. The objectives of the Bank were Stablisation of Domestic Monetary Values, Preservation of the stability of the Exchange Rate of the Sri Lanka Rupee vis-a-vis Foreign currencies, promotion and maintenance of a high level of production employment and real income and the encouragement and promotion of the full development of the Country's productive resources.

The Bank functions were as banker to banks, and Financial Adviser to the Government. as supervisor of Banks and other Banking Institutions and as a Clearing House for transactions among Commercial Banks. It was also the Fiscal Agent of the Government and other Agencies which acts on behalf of the government. Commercial Banks and other Banking Institutions are examined from time to time. The Central Bank acts as an Agent of the Government in the field of Public Debt and Exchange Control. In terms of the Monetary Law Act No. 58 of 1949 the Monetary Board, is responsible for the management, operations and administration of the Central Bank. When the Bank commenced operations in 1950, the administration comprised of only five Departments. Banking and Currency, Economic Research, Exchange Control, Public Dept. and the Secretariat. At present, there are Seventeen departments in the Bank. In 1981 the bank established its Staff Training Collage.

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