Sri Lanka’s first LKR2,000 note to debut on Oct. 17

October 9, 2006 (LBO) – Sri Lanka plans to issue its maiden 2,000 rupee note on October 17, to keep pace with island’s galloping inflation, the central bank said Monday. The new note was in the making for nearly six-years with the bank taking stock of the currency last November.

“This ‘Heritage series’ currency note is being introduced in view of the shift in demand for high denomination currency notes coupled with changes in price levels and increase in per capita GDP in the country in recent times,” the bank said.

The note carries the signatures of former finance minister Sarath Amunugama and ex-central bank governor Sunil Mendis, the statement said.

The bank has also incorporated features to assist the visually impaired.

Last December, the bank said the island’s 24 billion dollar economy has grown rapidly since the first 1,000 rupee note was issued in 1981.

“By the time the higher denomination 2,000 rupee note was printed, there were adequate stocks to cater to the demands and, therefore, the Central Bank did not issue the new note of 2,000 rupee,” the bank said last year.

Consumer prices in Sri Lanka rose to 15.4 percent in Sept from 15.3 percent in August, the Census & Statistics Dept said last month due to price gains in electricity, fuel and vegetables.

The 12 month moving average inflation for September rose to 11.2 percent from 10.8 percent in August.