Monetary Law (Amendment) (No. 52 of 1985)

Sri Lanka Consolidated Acts

Replacement of section 97 of the principal enactment

15. Section 97 of the principal enactment is hereby repealed and the following section substituted therefor:

	(1) Whenever the reserves of any commercial bank are below the required the reserves computed in the manner provided, in section 96, the bank shall within such time as may be prescribed by the Monetary Board pay to the Central Bank interest on the amount of the deficiency, at such rate not exceeding one-tenth of one per centum per day, as may be prescribed by the Monetary Board:

(2) Where any bank continuously fans to maintain the required reserves, the Monetary Board may make order

(a) that the proviso to subsection (1) shall not apply to that bank;

(b)

	(3) For the purposes of this section "week" means, any seven consecutive days, as may be pr scribed by the Monetary Board.'.