Feb 01, 2018

New commemorative banknote won't affect economy

With a new thousand rupee commemorative banknote issued to mark the 70th Independence Day of Sri Lanka, qualms have been raised as to how it would impact the economy.

Upon contacting Dr. Suranga de Silva of the Department of Economics, University of Colombo, he said that although instilling new currency note to the circulation can have a high impact on the country's inflation and economy, there will be no issue if the new currency notes replace old ones.

"Usually when the Central Bank takes such measures, the old or defaced notes are taken out of circulation and destroyed. In this instance too, the new commemorative notes would be replacing defaced notes which were recently declared as banned. Therefore, there will be no adverse impact on the economy," he added.

The currency note

The Central Bank of Sri Lanka issued a circulation standard commemorative currency note in the denomination of Rupees 1000 to mark the 70th Independence Celebration in the country on 04.02.2018. This is the 4th commemorative note that was issued, by the Central Bank.

The size, predominant color and the security features of this commemorative currency note are same as in the current circulating Rs. 1000 note in 11th currency note series except the following changes only.

On the front of the note:

Celebrating Diversity logo is appearing at the lower left corner of the note replacing the butterfly in the current circulating Rs. 1000 currency note in 11th currency note series;

(i) Images of a Temple, Mosque, Tamil Kovil and a Church are appearing at the center of the note replacing the image of Ramboda Tunnel in the current circulating Rs. 1000 currency note in 11th currency note series;

(iii)Prefix of the note appears as S70 replacing the prefix S.

On the back of the note: the same images remain as in the current circulating Rs. 1000 note in 11th currency note series.

A quantity of 5 million currency notes will be issued and the serial numbers of the notes will be from S70/1 000001 – S70/5 1000000. The date on the note is 2018.02.04.

The currency note will be legal tender in Sri Lanka for the payment of any amount and will be a liability of the Central Bank of Sri Lanka whilst in circulation.

The currency note was officially presented to the Hon. Minister of Finance, Mr. Mangala Samaraweera by Dr. Indrajit Coomaraswamy, Governor of the Central Bank of Sri Lanka on 30.01.2018.

The commemorative currency note will be issued to circulation through Licensed Commercial Banks, commencing from 06.02.2018. At the same time, a limited number of notes with early serial numbers, in an attractive folder will be sold at a price of Rs. 1,300 each at the Economic History Museum, at No. 54, Chatham Street, Colombo 1, and Central Bank Regional Offices at Anuradhapura, Matara, Matale, Trincomalee, and Kilinochchi.

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