Press briefing of Cabinet Decision taken on 2018-04-03

Proposed Amendments to the Law relating to Central Banking in Sri Lanka

- The need has been identified to amend the Monitory Law Act relating to the establishment of the Central Bank and the other relevant laws and regulations for improving the Governance of the Central Bank of Sri Lanka in order to strengthen the independence of the Central Bank of Sri Lanka. Through these amendments it is expected to take appropriate measures to facilitate the adoption of a Flexible Inflation Targeting on the monitory policy framework to ensure sustainable price stability in Sri Lanka and to strengthen the financial sector oversight.

Accordingly, the proposal made by Hon. Ranil Wickremasinghe, the Prime Minister in his capacity as the Minister of National Policies and Economic Affairs, to update the laws relating to the functions of the Central Bank of Sri Lanka, was approved by the Cabinet.