Sri Lanka has doubled the face value of its highest denomination currency note in a bid to meet the expanding needs of the economy, the Central Bank said Friday. Sri Lanka has doubled the face value of its highest denomination currency note in a bid to meet the expanding needs of the economy, the Central Bank said Friday. The Bank said it completed printing a 2,000 rupee note in November but was yet to issue it into circulation where the current highest denomination note is 1,000 rupees (10 dollars).
“The printing process took about 10 months and the note was ready early November 2005,” the Bank said in a statement .”Usually, the Central Bank keeps currency note stocks sufficient for 12 – 18 months.”
“By the time the higher denomination 2,000 rupee note was printed, there were adequate stocks (of other currency) to cater to the demands and, therefore, the Bank did not issue the new note.”
Last week, Sri Lanka launched a new series of light weight and cheaper coins in a bid to save foreign exchange in minting costs.
The new series in the denominations of five, two and one rupee and fifty and twenty five cents were plated brass, nickel and copper compared to traditional coins made with copper and zinc.
“We are saving about 600 million rupees (six million dollars) with the new coins we are launching,” Assistant Governor Rose Cooray said.
Central Bank sources said most of the coins currently circulation cost more to mint than their face value and the high metal value in most coins encouraged people to melt the currency and turn out nuts and bolts. – AFP
-Amal Jayasinghe: email@example.com