Banking Industry

History of Sri Lankan Banking To accommodate dynamic and financial system development upon gaining independence in 1948, the post-independence government of Ceylon established the central bank of Ceylon to maintain an active monetary policy regime and a dynamic financial sector to support and promote economic growth. The Central Bank was given wide powers to administer and regulate the entire money, banking and credit system of the country. The Central Bank was also given the sole right and authority to issue currency and it also become the custodian of the international reserves of the country. The objective of the Central Bank as specified in the MLA in 1949 were, 1.        The stabilisation of domestic monetary values. 2.        The preservation of the par value of the stability of the exchange rate of Sri Lankan Rupee. 3.        The promotion and maintenance of a high level of ...