The Central Bank has resumed sales for commemorative gold and silver coins from Friday after a temporary halt following an upsurge in world market prices. The Central Bank has resumed sales for commemorative gold and silver coins from Friday after a temporary halt following an upsurge in world market prices. Speculators were minting on the Rs. 5,000 gold and Rs. 1,000 silver coins when in fact they were worth double the face value in the open market.
Prices of jubilee coins will now be linked to daily local market prices, the Superintendent of Currency S Wijesinghe said.
The Rs. 5,000 gold coin issued to mark Sri Lanka’s golden independence jubilee celebrations, was earlier sold at a Rs. 3,000 mark up to cover shipping, packaging costs.
The bank has around 200 out of the 5,000 minted 22 carat gold coins left, but not before speculators were making hay, as sovereign prices shot up to Rs. 12,000 in the retail market.
The Rs. 1,000 silver coin weighing 28.28 grams was selling at Rs. 1,200, before sales were suspended in July.
The move is expected to halt people from melting coins for jewelry purposes.