Monetary Board

The Central Bank has a unique legal structure in which the Central Bank is not an incorporated body. In terms of the Monetary Law Act, the corporate status is conferred on the Monetary Board, which is vested with all powers, functions and duties. As the governing body, the Monetary Board is responsible for making all policy decisions related to the management, operation and administration of the Central Bank.

The Monetary Board of the Central Bank consists of five (5) members 

The Governor

The Secretary to the Ministry of Finance ( ex-officio )

Three (3) non - executive members

The Governor is the Chairman of the Monetary Board and also functions as the Chief Executive Officer of the Central Bank. The Governor and the non-executive Board members are appointed by the President, on the recommendation of the Minister of Finance. The approval of the Constitutional Council is also required for the appointment of the non-executive Board members. The term of office of the Governor and the non -executive Board members is six (6) years. The quorum for Monetary Board meetings is three (3) members. The concurrence of three (3) members is required for decisions of the Monetary Board to be valid. However in cases where a unanimous decision is required, the concurrence of all five (5) members is necessary.

 

Monetary Board Members

 

 

 

 

Prof. W D Lakshman

Governor

Chairman of the Monetary Board

S R Attygalle

Secretary to the Treasury and Ministry of Finance

Official Member

 

Sanjeeva Jayawardena, President's Counsel

Appointed Member

Dr. (Mrs) Ranee Jayamaha

Appointed Member

Samantha Kumarasinghe

Appointed Member

 

Monetary Board Subcommittees

Monetary Board Advisory Audit Committee

Monetary Board Advisory Audit Committee (AAC) is a Sub - Committee of the Monetary Board. It’s role and responsibilities are reviewing of financial reporting of CBSL and Employees’ Provident Fund, internal control and risk management systems, compliance, internal audit, external audit and any other activity assigned by the Monetary Board and providing recommendations to the Monetary Board. Internal Audit Department functionally reports to the Monetary Board and AAC.

The AAC includes;

  • An appointed member of the Monetary Board, who serves as the Chairman of the Committee
    • Dr. Ranee Jayamaha
  • Two external members nominated by the Monetary Board
    • Mr. Manil Jayasinghe
    • Ms. Anusha Mohotti

 

Board Risk Oversight Committee

The Board Risk Oversight Committee (BROC) provides recommendations to the Monetary Board on areas pertaining to risk management at the CBSL and the Risk Management Department reports to the BROC except for administrative matters.

The BROC includes;

  • An appointed member of the Monetary Board, who serves as the Chairman of the Committee
    • Mr. Sanjeeva Jayawardena, President’s Counsel
  • Two external members nominated by the Monetary Board
    • Mr. Naomal Goonawardena
    • Mr. Susantha Ratnayaka

 

Ethics Committee

The Ethics Committee (EC) has been established within the context of the Codes of Conduct (CoCs) of the Central Bank of Sri Lanka (CBSL), i.e. the CoC for the Employees of the CBSL and the CoC for the Members of the Monetary Board and Monetary Board Appointed Advisory/Sub Committees. The functions of the EC include providing opinion, clarifications, guidance in relation to the said CoCs and determination of breaches of the CoCs of the CBSL.

The EC includes;

  • An appointed member of the Monetary Board, who serves as the Chairman of the Committee
    • Mr. Sanjeeva Jayawardena, President’s Counsel
  • An external member nominated by the Monetary Board
    • Prof. Ajantha S Dharmasiri