2023-08-10 | Operating Instructions No: 35/01/005/0007/19Added · Updated
The Central Bank of Sri Lanka mandates that all licensed commercial banks maintain reserves against Sri Lankan Rupee deposit liabilities at a rate of two percent. This directive, issued by the Monetary Board under the Monetary Law Act, replaces Schedule A of previous operating instructions to standardize reporting. The new reserve maintenance period commences on 16 August 2023, requiring banks to adhere to updated calculation methods for total required reserves.
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ශ්රී ලංකා මහ බැංකුව
இலங்கை மத்திய வங்கி
CENTRAL BANK OF SRI LANKA
දේශීය මෙහෙයුම් කටයුතු
දෙපාර්තමේන්තුව
உள்நாட்டு தொழிற்பாடுகள்
திணைக்களம்
Domestic Operations
Department
OPERATING INSTRUCTIONS No: 35/01/005/0007/19
10 August 2023
To : CEOs of All Licensed Commercial Banks
RESERVE REQUIREMENTS
Your attention is invited to the notification made by the Monetary Board of the Central Bank of Sri Lanka under Sections 10(c), 93, 94, 96 and 97 of the Monetary Law Act (Chapter 422 of Ceylon Legislative Enactments) as amended and Regulation “D” published in the Gazette Extraordinary of the Democratic Socialist Republic of Sri Lanka No. 1805/39 of 12 April 2013 as amended.
All Licensed Commercial Banks are hereby informed that in accordance with the said notification, they should maintain reserves against deposit liabilities denominated in Sri Lankan Rupees at an amount equal to two per centum (2.00%) of the total of such deposit liabilities.
Schedule A of Operating Instructions No. 35/01/005/0007/18 of 19 August 2021 is replaced by attached ‘Schedule A’.
The above amendment is effective from the reserve maintenance period commencing from 16 August 2023. All other instructions contained in our Operating Instructions No. 35/01/005/0007/06 of 22 April 2013 as amended from time to time will continue to apply.
[Signature]
Dr. R A Anil Perera
Director/Domestic Operations
7 වන මහල, 2 වන කුළුණ | තැපැල් 7, කොටුව 2 | Level 7, Tower 2 අංක 30, ජනාධිපති මාවත | இல. 30, சனாதிபதி மாவத்தை | No. 30, Janadhipathi Mawata තැ.පෙ. 590, කොළඹ 01, ශ්රී ලංකාව | த.பெ 590, கொழும்பு 01, இலங்கை | P.O. Box 590, Colombo 01, Sri Lanka 📞 +94 112 477036 | 📠 +94 112 346287 | 📧 ddod@cbsl.lk | 🌐 www.cbsl.gov.lk
SCHEDULE A
FORM OF REPORT
REPORT OF DAILY AVERAGE RUPEE DEPOSIT LIABILITIES
Name of the Bank : ....................................................................................
For the period from : (............................) to (............................) Date Date
To : Director,
Domestic Operations Department,
Central Bank of Sri Lanka,
Colombo 01
The average amounts of deposit liabilities reported below are based on the deposit balances shown by the books of the Banks at the close of business of each day of the period specified above.
| (i) | (ii) | (iii) | (iv) |
|---|---|---|---|
| Demand | Time and | Margins against | All other |
| Deposits | Savings | Letters of Credit/DA | Deposit |
| Deposits | Terms | Liabilities¹ | |
1 In the case of Certificate of Deposits the amount declared should be the paid up value.
2
REQUIRED RESERVES
For the period commencing ...........................................................
| Item | In Sri Lankan Rupees |
|---|---|
| 1. 100% of Average daily total Margins against | |
| a. Letters of Credit specified under | |
| (i). Circular No. 35/01/005/0010/20 dated 19 September 2018 on | |
| ‘Margin Requirements against Letters of Credit for | |
| importation of Motor Vehicles’ or | |
| (ii). Circular No. 35/01/005/0010/21 dated 29 September 2018 on | |
| ‘Margin Requirements against Letters of Credit for | |
| importation of Motor Vehicles and Non-Essential Consumer | |
| Goods’ | |
| and | |
| b. Imports on Document against Acceptance (DA) Terms specified | |
| in Circular No. 02 of 2018 dated 11 October 2018 | |
| as the case may be | |
| 2. 2% of Average daily total Rupee Deposit Liabilities excluding (1) | |
| above | |
| 3. Average of Sri Lanka Currency Notes and Coins held over and | |
| above 2% of average deposit liabilities covered in 1 and 2, but not | |
| exceeding 3% | |
| 4. Total reserves required to be maintained over the reserve | |
| maintenance period (1+2-3) |
We/I hereby certify that the above statement is correct and in accordance with the book of this bank and that the figures shown above are in accordance with the regulations prescribed by the Monetary Board of the Central Bank of Sri Lanka for the purpose.
Date : ...................................................
...................................................
Official Signature
Note –
(a) Deposits and placements made by any institution other than licensed commercial banks, shall be accounted for maintenance of required reserves at prescribed ratios. (b) All amounts should be shown to the nearest rupee.
3
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This document supersedes: Reserve Requirements
Source: Central Bank of Sri Lanka — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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