Ibn Batuta had to land in the northern coast of Sri Lanka in 1344 AD, when he was caught in a storm. It is believed that it was to the Jaffna ford that he came. Whatever that may be, the ruler there was Aryachakravarti. According to the travel records of Ibn Batuta, Aryachakravarti was treated as the Sultan of Lanka. This Sultan had given a warm welcome to the traveller, Ibn Batuta.

Just six months after Independence, Sri Lanka set about the task of establishing a central bank to replace the Currency Board which was responsible for monetary matters in the country during the colonial administration. The government asked for technical expertise from the USA and John Exter, an economist attached to the Federal Reserve System of the USA was sent to advise of the establishment of a central bank in Sri Lanka.