Currency of Sri Lanka – History of Sri Lankan Rupee

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Currency of Sri Lanka

Currency of Sri Lanka

Sri Lanka, an island nation found in South Asia, has the Sri Lanka Rupee as its unit of currency. It is symbolized by Rs., though it is mostly symbolized by SLRs, so as to set it apart from the other Rupees in the region.

The Rupee is further broken down into 100 cents. The Rupee has the following denominations in bills: Rs. 20, Rs.50, Rs. 100, Rs.500, Rs. 1,000, Rs. 2,000, Rs. 5,000. On the hand, coin denominations include 1, 2, 5, 10, 25, 50 cents. Rs. 1, Rs. 2, Rs 5, Rs. 10. The Sri Lankan Rupee is issued by the Central Bank of Sri Lanka (CBSL).

The Sri Lankan rupee happens to be a closed currency. This means that you can only buy it once you set foot in Sri Lanka. This also means that you have to change the money before leaving the country.

History of Sri Lankan Currency

Sri Lanka was a colony of Britain and was known as Ceylon. In 1825, the British Pound was adopted as the official currency of Ceylon. This saw it take the place of the rixdollar Ceylon at the rate of 13 and a third Rixdollars for every pound. British silver coins also became legal tender.

On 26 September 1836, Ceylon adopted the Indian Rupee as it’s standard coin and this saw Ceylon return back to the Indian currency area. However, Treasury bonds that were pound-denominated remained in circulation from 1836 alongside the Rupee.

In 1844, the Bank of Ceylon started the issuance of banknotes in Ceylon and this later saw the replacement of the then Treasury notes in 1856. On 26 September 1836, Ceylon adopted the Indian Rupee as it’s standard coin and this saw Ceylon return back to the Indian currency area.

However, Treasury bonds that were pound-denominated remained in circulation from 1836 alongside the Rupee.

In 1844, the Bank of Ceylon started the issuance of banknotes in Ceylon and this later saw the replacement of the then Treasury notes in 1856.

In 1869, the Rupee was recognized as Ceylon’s unlimited legal tender, and in 1872, it was established as the sole legal tender.

In 1948, Ceylon got its independence, and this saw the inception of the Central Bank of Ceylon in 1950. In 1972, Ceylon was changed to Sri Lanka, and this saw the introduction of the Sri Lanka rupee.

Many series of banknotes have left the mint in the ensued 100 years. The most recent release was in 2011. On February 4, 2011, the 11th series of the Sri Lanka rupee notes were issued by the Central Bank of Sri Lanka, which consisted of 6 denominations.

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Sri Lanka Economy

The currency of Sri Lankan Exchange rate

The best exchange rate recorded was at 1115.63 on 05/11/2017. The worst exchange rate was at 0 on 29/10/20118. The mid exchange rate was at 155.595 on 22/07/2018.

Sri Lankan Rupee vs The US Dollar

In November/December of 2018, the Sri Lankan Rupee hit an all time high at 179.10 while the lowest it has ever reached was 95.60 in December 2003.

Sri Lankan Rupee vs Indian Rupee

The Sri Lankan Rupee Exchange Rate November/December 2018 was average 2.50 Indian Rs.

Currency Fluctuations

In 1980, the then Sri Lankan government introduced an open economy and this allowed for the Sri Lankan Rupee to float against the US dollar. At the inception of the open economy, the rupee was at Rs. 8 against the US dollar. Once the currency floated, the dollar rose to Rs.16. In 2004, it rose to Rs. 100. Since 1980, the Sri Lankan Rupee has been depreciating consistently.

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