Section 30: Functions, Duties and Powers of the Governor

1) The functions, duties and powers of the Governor shall be as follows:

(a) To implement the decisions made by the Board,

(b) To operate and manage the Bank,

(c) To systematise the functions to be carried out by the Bank,

(d) To represent and cause to be represented on behalf of the Bank in international organisations and associations,

(e) To implement and cause to implement the policies relating to monetary and foreign exchange matters,

(f) To formulate necessary policy on rates of interest for deposits and loans with commercial banks and financial institutions,

(g) To formulate necessary policies with regard to the rates of interest to be paid by commercial banks and financial institutions on deposits and loans or the rate of interest to be charged by them on deposits and loans,

(h) To formulate necessary policies relating to liquidity to be maintained by commercial banks and financial institutions,

(i) To make necessary arrangements with regard to the basis, amount, methods, conditions and duration of compulsory deposit to be maintained by commercial banks and financial institutions, and its use,

(j) To fix the terms and conditions relating to the adequacy of the capital fund of commercial banks and financial institutions,

(k) To take decisions with regard to the procedures and terms and conditions to be followed while purchasing and selling gold and other precious metals,

(l) To fix the charge on the services to be provided by the Bank,

(m) To decide on opening and closing branch offices and other offices of the Bank as may be necessary,

(n) To establish and close the agency of the Bank,

(o) To make necessary arrangements for the development and operation of the information system of the Bank,

(p) To make necessary arrangements for the supervision of commercial banks and financial institutions,

(q) To decide about the revocation of the license provided to commercial banks and financial institutions,

(r) To take decisions on any other matters subject to the powers delegated by the Board of Directors.

2) The powers to be exercised by the Governor of a Central Bank in accordance with international practice shall be vested in the Governor.