A Board of Directors appointed by the Minister for Finance determines the policy and affairs of the Bank. The Board consists of seven members, namely the Governor of the Bank who is also the Chairman of the Board, the Permanent Secretary for Finance as ex-officio member and five other members.
The members of the Board other than the Governor and the Permanent Secretary for Finance are appointed by the Minister for Finance from among persons of recognised standing in agricultural, commercial, financial, industrial or professional matters.
The Governor of the Bank is appointed by the Constitutional Officers Commission after consultation with the Minister for Finance and the Board of the Reserve Bank. The Governor serves as the chief executive of the Bank and is responsible to the Board for the execution of its policy and the management of the Reserve Bank. In the event of the absence of the Governor, the Deputy Governor can exercise all the powers and functions of the Governor in accordance with the provisions of the Reserve Bank Act.