Monetary Law Act of 1949

Sri Lanka

(amended through 2006)

Monetary Law Act of 1949 (as amended through 2006) establishes the Central Bank of Sri Lanka to administer and regulate the monetary system. This act also determines the function of, confers powers, and imposes responsibilities upon the Monetary Board of the Central Bank of Sri Lanka.

The act is organized as follows:

  • Establishment of the Monetary Unit;
  • Establishment of the Central Bank to Administer and Regulate the Monetary System;
  • The Central Bank and the Means of Payment;
  • The Central Bank and National Monetary Policy;
  • Instruments of Central Bank Action;
  • The Central Bank to Purchase Shares in Certain Companies;
  • The Central Bank as Fiscal Agent, Banker and Financial Advisor of the Government;
  • General; and
  • Transitional Provision.