Sri Lanka Central Bank Strengthening

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The objective of the Central Bank Strengthening Project is to help restructure and reorganiza the Central Bank of Sri Lanka. The project has three main project components and several sub-components. The first component supports Central Bank reorganization and restructuring by establishing a fully professional human resources department and reforming human resources policies; financing a voluntary retirement scheme as Bank functions are streamlined and out-sourced; supporting departmental requirements for automation, development of systems, consultancies, and training; and upgrading various departments such as the Banking departments, the management audit department, the Secretariat department, and the information/library department. The second component improves the payments and securities clearing and settlement system, the integrated real-time gross settlement/securities system, and the automated general ledger system, and provides training and technical support. The third component funds financial markets regulation and development, supports legal review of the financial infrastructure, supports an overview of financial and banking legislation, develops legislative frameworks for the systems described in the second component as well as for electronic transactions, studies e-business, develops the forward market in foreign exchange and develops interest rate risk management instruments; and funds the supervision of the government debt exchange.