The Central Bank has destroyed 157.7 million soiled currency notes bearing a face value of Rs.67.7 billion last year in an effort to maintain its Clean Note Policy, a report says.
In its 2013 annual report the CB said this policy was adopted in 2007 but more vigorously implemented last year. The CB’s Currency Department encourages this policy so as to expand the life span of notes printed for circulation.
In addition to public awareness programmes highlighted through the media, the Department issued a circular to banks outlining the parameters for sorting currency notes.
Meanwhile, officials said the CB had decided to mint a series of coins in the 10-rupee denomination featuring the traditional identities of Sri Lanka’s 25 administrative districts.
CB Governor Ajith Nivard Cabraal said these coins would be issued for circulation by September or October, this year.
“One side of the coin will bear the symbols associated with the traditional identity of each district,” he said.
It its annual report, the CB said the minting of coins used in day-today transaction involved a high cost and that unfortunately a large number of coins remained idle in tills at home or at places of religious worship where people use them for offerings.
Last year the CB made an effort to collect such coins for re-circulation and 24.8 million coins worth Rs.67.1 million were released for circulation during the year under review. (Kelum Bandara)