Bid to put coins back in circulation

Ruwanthi Abeyakoon

Launch: A project will be launched to bring the accumulated coins in the country back to circulation, Finance and Planning Minister Ranjith Siyambalapitiya said yesterday.

"This project will bring the idling coins back to circulation and they will be used in economic affairs. Pilot projects were implemented in Gampaha and Anuradhapura and they turned out to be a success. The major project will take off the ground on April 3 and will continue till April 7 at twenty places in Kegalle. Children can bring over their tills and receive brand new notes. School equipment valuing up to 20 per cent of their savings will be given by the Central Bank," Minister said.

He added that the objective of the project is to cut down the money spent on printing coins. "A large amount of money is spent annually on printing coins. This project will cut down the expenses. Children will also be encouraged to save the notes they receive in Government banks. Through this they will be encouraged to use the banking system for savings rather than tills," Minister said.

He added that the same project will be implemented in Hambantota towards the end of April and will be extended to other districts.

Assistant Governor, Central Bank of Sri Lanka, Y. M. W. B. Weerasekera said that Rupees 300-400 million is annually spent on printing coins. "Currency in circulation at present is Rupees 174 Billion. Three per cent of that is coins. We can save the expenses of printing more coins through the project. Adults can send the money through children.

Children will be encouraged to save in formal financial institutions and it will also increase the saving deposits of the Commercial banks," Weerasekera said.

He added that projects will be implemented to collect the coins accumulated in the temples, churches and kovils.