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

 

 

 

Dr. Indrajit Coomaraswamy

Governor

Chairman of the Monetary Board

Dr. R. H. S. Samaratunga

Secretary to the Ministry of Finance and Mass Media

Official Member

 

 

 

Mrs. M. Ramanathan

Appointed Member

Mr. A. N. Fonseka

Appointed Member

Mr. C. P. R. Perera

Appointed Member