Central Bank to mint 550 million coins sans 50 cent coin
View(s):Sri Lanka is to mint 550 million coins excluding coins of one cent upto 50 cents denomination in the period 2013 to 2014, Central Bank (CB) sources said. The value of these coins is Rs 26.5 billion rupees.
The CB will select a qualified party to mint and supply coins of four different denominations including one, two, five and ten rupees in accordance with the demand from banks, a senior CB official said. Arrangements have been made to mint 175 million 10-rupee coins, 100 million five rupee coins, 125 million two rupee coins and 150 million one rupee coins.
With the public demand for 50 cents decreasing, this category will not be produced, he said, adding that old coins already in existence in the denomination of one cent to 50 cents will continue to remain in circulation. Small denomination coins are now used for limited transactions in Sri Lanka but traders said the shortage of coins affects small businesses badly. Several retail shop owners said they find it difficult to give the exact balance to customers due to the dearth of coins.
Somadasa, a boutique owner in Boralesgamuwa, said “Frequently I have to give toffees or boxes of matches when I am giving a balance below Rs. 10″. Bus commuters complain that conductors are in the practice of not giving them the exact balance saying that they have no change.
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