The strategic human resource management (SHRM) practices at Dialog Axiata PLC

CENTRAL BANK OF SRI LANKA

The central bank of Sri Lanka is the key monetary authority of Sri Lanka. Which was established by the Monetary Law Act of 1949.With a vison of “A credible and dynamic central bank contributing to the prosperity of Sri Lanka.” A mission of the bank is “A credible and dynamic central bank contributing to the prosperity of Sri Lanka.” The monetary law act has also granted to issue currency notes and coins to the public. Functionally the CBSL consists of 27 departments and five Provincial Offices. Which are located in,

• Anuradhapura

• Matale
• Matara
• Trincomalee
• Jaffna

The CBSL is governed by a five members monitory board. The governor of the CBSL function as the chief executive officer of the organization.

The central bank of Sri Lanka was established by the Monetary Law Act no 58 of 1949. And they started their operations on august 28, 1950.The currency board system was established under the ordinance no. 32 of 1884.The technical expertise to establish the central bank was Mr. John Exter who is an economist from the federal Reserve of USA. It was renamed in 1985 as the central bank of Sri Lanka. Four main objectives of central bank were monetary law act in 1949.However The central bank specified a modernisation program in 2000 and objectives were adjusted as,
•The maintaining of economic and price stability
•The maintaining of financial system stability

Functions of The Central Bank of Sri Lanka

Core Functions

• Conduct of monetary policy.
• Conduct of exchange rate policy.
• Management of the official international reserves.
• Oversight of the financial system.
Licensing, regulation and supervision of banks and selecting non – bank financial institutions.
• Provision of settlement facilities and the regulation of the payment system.
• Acting as the banker and financial adviser to the Government.

Agency Functions

• Management of the public debt.
• Foreign exchange management.
• Fund management and acting as the custodian of the Employees’ Provident Fund.
• Facilitating financial inclusion.
• Financial intelligence services to detect and prevent money laundering and terrorist financing

The CBSL is responsible for regulating and supervising banks and selected non-bank financial institutions. The regulation and supervision of banks by the CBSL is based on the internationally accepted standards set out by the Basel Committee. The CBSL is regulating and supervising Licensed Finance Companies and Specialised Leasing Companies under the Finance Business Act and the Finance Leasing Act. As at end 2013. There were 24 Licensed Commercial Banks and 9 Licensed Specialized Banks in Sri Lanka.