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May 03, 2015 1:17 PM ET

Banks

Company Overview of Central Bank of Sri Lanka

Company Overview

Central Bank of Sri Lanka (CBSL) is a government institution that is primarily responsible for price and financial system stability in Sri Lanka. The bank regulates the issue of bank notes, offers advice on economic affairs to the government, and is the banker to the Government of Sri Lanka. Central Bank of Sri Lanka is also responsible for management of the Employees Provident Fund; management of the public debt of Sri Lanka; administration of the provisions of the Exchange Control Act; and administration of foreign and government funded credit schemes for regional development. The bank was formerly known as Central Bank of Ceylon. Central Bank of Sri Lanka was founded in 1950 and is based ...

30 Janadhipathi Mawatha

Colombo,  01

Sri Lanka

Founded in 1950

1,548 Employees

Phone:

94 11 247 7000

Fax:

94 11 247 7730

Key Executives for Central Bank of Sri Lanka

Chairman of The Monetary Board, Chief Executive Officer and Governor
Deputy Governor and Member of High Level Risk Management Committee
Deputy Governor and Member of High Level Risk Management Committee
Additional Chief Accountant of Finance Department
Chief Accountant of Finance Department
Compensation as of Fiscal Year 2014.

Central Bank of Sri Lanka Key Developments

Central Bank Announces Executive Changes

Central Bank announced that President Maithripala Sirisena on the recommendation of Prime Minister Ranil Wickremasinghe has appointed economist and investment expert Arjuna Mahendran as the new Governor of Central Bank. Mr. Mahendran received the appointment letter from the President Friday at the Presidential Secretariat. r. Mahendran, who has nearly 30 years of extensive experience in the financial services industry across Asia in both private companies and public sector organizations. He has held senior positions with the Central Bank and Ministry of Finance of Sri Lanka as well as the World Bank. Most recently Mr. Mahendran served as Chief Investment Officer of the Wealth Management Division at Emirates NBD Bank. Mahendran was the head of the Board of Investment (BoI) under the previous administration headed by Ranil Wickramasinghe and has been with international lenders including Credit Suisse, and HSBC. With the election of the new President of Sri Lanka, the former Governor of Central Bank Ajith Nivard Cabraal, who was appointed by the former president Mahinda Rajapaksa, resigned from the post with immediate effect.

Central Bank of Sri Lanka Announces Executive Changes

Central Bank of Sri Lanka reported that Ajith Nivard Cabraal resigned with immediate effect so that the new President Maithripala Sirisena could appoint a new Governor.

Supreme Court Refuses to Grant Leave to Proceed in Greece Bonds Case Against Central Bank of Sri Lanka

On September 18, 2014, the Supreme Court dismissed the Fundamental Rights application filed by Mr. Sujeewa Arjune Senasinghe of Colombo 3 against the Monetary Board complaining that the Central Bank of Sri Lanka, in purchasing Greece Government Bonds, had acted in an unlawful, irresponsible and an arbitrary manner. In its judgment, the Supreme Court stated that the investment in Greece Bonds and its trade formed a part of the risk management strategy of the Central Bank and that if all investments were to be maintained as risk free investments, the return would be negligible. The Central Bank therefore had to select a mix of low risk and risk bearing investments, expecting a reasonably high return. The Court while adjudicating the constitutional validity of the decision of the Governor or Members of the Monetary Board must grant a certain measure of freedom considering the complexity of the economic activities. The Court cannot strike down a decision merely because it feels another policy decision would have been fairer or wiser or more scientific or logical. The Court is not expected to express its opinion as to whether at a particular point of time or in a particular situation any such decision should have been adopted or not. It is best left to the discretion of the authority concerned. The Court also acknowledged that the Central Bank's decision to invest in such Bonds was based on the trade-off between different risks faced and the Central Bank's tolerance for higher risk on a very small part of its portfolio.

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