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The Central Bank of Sri Lanka (abbr.CBSL; Sinhala: ශ්රී ලංකා මහ බැංකුව, romanized:Sri Lanka Maha Bankuwa) is the monetary authority of Sri Lanka. It was established in 1950 under the Monetary Law Act No.58 of 1949 (MLA) and in terms of the Central Bank of Sri Lanka Act No. 16 of 2023, the CBSL is a body ...
The Governor of the Central Bank of Sri Lanka (CBSL) functions as the chief executive of the Sri Lankan central bank. The post is the ex-officio chairperson of the Monetary Board of Central Bank of Sri Lanka. Since its establishment in 1950, the CBSL has been headed by sixteen governors. The governor has two deputies and several assistant ...
Central Bank of Sri Lanka bond scandal which is also referred as CBSL bond scam was a financial laundering scam which happened on 27 February 2015 and caused losses of more than US$ 11 million to the nation. [1] The bond scam is also regarded as the largest reported financial scam in Sri Lanka despite the country's reputation of having a solid ...
The Sri Lankan economic crisis [8] is an ongoing crisis in Sri Lanka that started in 2019. [9] It is the country's worst economic crisis since its independence in 1948. [9] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. [10]
Lakshman Arjuna Mahendran is a Sri Lankan-born Singaporean economist and banker. [ 1 ] He is a former Governor of the Central Bank of Sri Lanka (CBSL), having been appointed by President Maithripala Sirisena in January 2015 and served until the end of his term on 30 June 2016. [ 2 ] He was the former Managing Director of HSBC Private Bank ...
Coomaraswamy joined the Central Bank of Sri Lanka in 1973, working as a staff officer in its Economic Research, Statistics and Bank Supervision divisions until 1989. [7] [9] [13] [14] He was seconded to the Ministry of Finance and Planning between 1981 and 1989 to provide advice on macroeconomic issues and structural reforms.
A central bank was set up and Sri Lanka became a member of the IMF entering the Bretton Woods system of currency pegs on August 29, 1950. [68] By 1953 exchange controls were tightened with a new law. [69] The economy was then progressively controlled and relaxed in response to foreign exchange crises as monetary and fiscal policies deteriorated.
The banking sector in Sri Lanka is monitored by the Bank Supervision Department of the Central Bank of Sri Lanka under the Banking Act, [1] Monetary Law Act [2] and the Exchange Control Act. [3] Three types of financial institutions are permitted under Banking Act and the Finance Companies Act to operate in Sri Lanka by the Central Bank of Sri ...