<div style='margin-bottom: 20px;'> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are some of the key laws and acts governing banking operations in Sri Lanka?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Banking operations in Sri Lanka are governed by the Monetary Law Act, Banking Act, Foreign Exchange Act, Finance Business Act, Local Treasury Bills Ordinance, Registered Stocks and Securities Ordinance, Payment and Settlement Systems Act, Financial Transaction Reporting Act, Securities and Exchange Commission of Sri Lanka Act, Accounting and Auditing standards, and Companies Act.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What monetary policy tools are considered in response to economic imbalances such as those caused by COVID-19?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Policy interest rates, open market operations (OMO), reserve requirement ratios (SRR), bank rate, quantitative restrictions on credit, ceilings on interest rates, and moral suasion are considered as monetary policy tools.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How are banks in Sri Lanka classified?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Banks in Sri Lanka are classified based on licensing, ownership, consolidated position, incorporation, and importance in the system.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">Why is regulation important in the financial services sector?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Regulation is important to protect consumers, ensure the soundness and stability of financial institutions, reduce criminal activity, and maintain the overall stability of the financial system.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What is the primary function of banks within the financial system of Sri Lanka?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Banks primarily function as financial intermediaries, facilitating efficient financial intermediation, maturity and risk transformation, payment and settlement processes, market liquidity, international trade finance, and financial inclusion.</p> </div> </div>