Monetary Law Act

This Act may be cited as the Monetary Law Act.

Establishment Of The Monetary Unit

2. (1) The standard unit of monetary value in Sri Lanka shall be the Sri Lanka rupee, which shall be represented by the signs “Re.” and “Rs.”
(2) The Sri Lanka rupee shall be divided into one hundred units each of which shall be called a “cent”.
3. (1) The Monetary Board shall by unanimous decision, recommend to the Minister in charge of the subject of Finance that the par value of the Sri Lanka rupee be determined in terms of special drawing rights or in terms of such other common denominator as may be prescribed by the International Monetary Fund, and upon such recommendation, the Minister in charge of the subject of Finance shall, by Order published in the Gazette, determine and declare the par value of the Sri Lanka rupee in accordance with the terms specified in such recommendation

Money law act