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Simon Bell, Senior Financial Economist and project leader said, "As the supervisor and regulator of the financial system, the Central Bank is, in many ways, the heart of the economy-ensuring the smooth flow of financial resources throughout all parts of the country to support investment and growth, and ultimately a better standard of life for all Sri Lankans." Bell also said, "Sri Lanka has achieved a number of important steps to keep the financial system in place with a modern and increasingly global economic environment". Since mid 2000, Central Bank staff has received intense training on the role of the Central Bank. A release from the Central Bank said modernisation of the institution was an important pillar in a growing and dynamic economy. The total cost of the project is about US$ 42 million of which the government would be providing US$ 10.7 million while the Swedish International Development Agency (SIDA) would provide US$ 1 million. A spokesman for the CBSL said that the Bank had initiated the modernisation project after a critical examination of its operations. In order to attain multiple objectives, the CB had to be reorganised to improve professionalism and internal operational efficiency. The primary role of the CBSL is maintaining price stability, the external value of the currency and the stability of the financial system. This project would include an abundance of staff training, introduction of Real Time Gross Settlement System (RTGS) with electronic payment, trading of government securities and bonds in an electronic form and the automation of book entry and general ledger accounts.
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