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The Central Bank of Sri Lanka is the monetary authority of Sri Lanka. It was established in 1950 under the Monetary Law Act No.58 of 1949, it is a government owned semi-autonomous body, and following the amendments to the MLA in December 2002, is governed by a five-member Monetary Board, comprising the Governor as chairman, the Secretary to the Ministry of Finance and Planning, and three members appointed by the President of Sri Lanka, on the recommendation of the Minister of Finance, with the concurrence of the Constitutional Council.