The Central Bank of Sri Lanka is the primary monetary authority in Sri Lanka, established in 1950. Its main responsibilities include formulating and implementing monetary policy, managing the country's foreign exchange reserves, and regulating the banking sector to ensure financial stability. The bank also issues the national currency, the Sri Lankan Rupee, and oversees the payment and settlement systems. By maintaining price stability and fostering economic growth, the Central Bank of Sri Lanka plays a crucial role in the country's overall economic development.