Regulatory Alerts2013-06-26 | Operating Instruction No. 35/01/005/0007/08Reserve Requirements
The Central Bank of Sri Lanka issued Operating Instructions No. 35/01/005/0007/08 to amend reserve requirements for Licensed Commercial Banks. The directive mandates that banks maintain reserves against Sri Lankan Rupee-denominated deposit liabilities at a rate of six percent. This regulatory change takes effect on 1 July 2013 while other existing instructions remain applicable.
Domestic Operations Department 94 11 2477189 94 11 2346287 cbslgen@cbsl.lk www.cbsl.gov.lk Level 7, Tower 2, No. 30, Janadhipathi Mawatha, P. O. Box. 590, Colombo 01, Sri Lanka. OPERATING INSTRUCTIONS NO. 35/01/005/0007/08 26 June 2013 To: 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 published in the Gazette Extraordinary of the Democratic Socialist Republic of Sri Lanka No. 1816/13 of 26 June, 2013 on the above subject. The 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 six per centum (6.00%) of total of such deposit liabilities. The above amendment takes effect from 01 July, 2013. All other instructions contained in our Operating Instructions No. 35/01/005/007/06 and 35/01/005/007/07 of 22 April, 2013 will continue to apply. R A A Jayalath Director/Domestic Operations