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Fri, 21 November 2014 07:44:32
Sri Lanka raises gold coin price by 44 percent
12 Oct, 2004 00:00:00
Sri Lanka's Central Bank Tuesday raised the price of its commemorative gold coins by 43.75 percent as it ended a four-month suspension on the sale of precious metal coins.
Sri Lanka's Central Bank Tuesday raised the price of its commemorative gold coins by 43.75 percent as it ended a four-month suspension on the sale of precious metal coins.
A bank spokesman said the Rs. 5,000 gold coin which was being sold at Rs. 8,000 at the time of the suspension in June was marked at Rs. 11,500 (US$ 115) for the resumption of sales this week.

The coins, with more precious metal content than the actual face value, had become a veritable gold mine for speculators before the central bank got wise to them and stopped jewellers accessing a cheap source of pure gold.

"The Central Bank has made arrangements to sell a limited stock of gold and silver commemorative coins at prices determined on the basis of prevailing daily prices of gold and silver," the bank said in a statement last week.

The latest price was based onthe open market gold rates at Colombo's "Sea Street," the unofficial bullion exchange in the country.

Before the June suspension, buyers could have made a mint out of the eight gram gold coin priced at Rs. 8,000 when the equivalent gold value in the open market had shot up to at least Rs. 12,000 (US$ 120).

The coin was issued with a face value of Rs. 5,000 to mark the country's independence golden jubilee in February 1998. The bank had kept a Rs. 3,000 margin which was maintained for six years.

The Rs. 1,000 silver coin weighing 28.28 grams had also been held back because the metal value in it was worth more than the Rs. 1,200 (US$ 12) the bank had been charging.

However, a bank official said there was no change in the price of the silver coins because it was now on a par with the market price. (AFP)

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