As such, it is  market participants and the general  expected that the low inflation  public through multiple means providing  environment that prevailed for several  greater clarity and understanding about  years would be sustained in a range of 4  policy. Moreover, launching of the  – 6 per cent in the medium-term, which  revamped corporate website of the  is also consistent with the inflation  Central Bank is expected to provide high  target bands stipulated under the EFF  quality content with dynamic and  arrangement with the IMF. interactive features. We would also continue to strengthen  At the same time, continuing the  the technical capability, particularly with  practice that has been followed in the  regard to the compilation  past, we intend to make monetary policy  methodologies of macroeconomic  announcements according to an  statistics in line with international  advance announcement calendar. The  standards. This will promote sound  calendar for 2017 is set out below. Central Bank of Sri Lanka – ROAD MAP 2017  15  Monetary Policy Announcements in 2017  expending US dollars 4.0 billion of scarce external reserves in a futile attempt to  1  7 February, Tuesday  2  24 March, Friday  3  9 May, Tuesday  4  27 June, Tuesday  defend the external value of the rupee through market intervention.
Banks’s enforcement powers for  As a priority, we expect to strengthen the regulatory framework pertaining to all financial institutions, including licensed banks, licensed finance  violations of the Act and the Directions issued under it. In this regard, we wish to seek views from the banking sector as well. companies (LFCs), specialised leasing  In line with these reforms, we intend to  companies (SLCs) and primary dealers. It  review all key regulations in the medium-  will further ensure the stability of the  term. In this regard, we will review key  financial sector by promoting the safety  Banking Act Directions, such as share  and soundness of those institutions to  ownership, foreign borrowings, and  face unforeseen challenges in the  corporate governance, and these will be  growing business environment. amended where necessary. In this regard, the Central Bank wishes to  In order to maintain financial stability in  implement the following policies in 2017  the country and in line with regulatory  and beyond. reforms, we have identified the need for  Since the last amendment to the existing Banking Act in 2006, the banking sector landscape has undergone a significant  Central Bank of Sri Lanka – ROAD MAP 2017  further strengthening of the supervisory function of the Central Bank.