CB calls on public not to hoard coins

by Ananda KANNANGARA

The Central Bank of Sri Lanka (CBSL) yesterday called upon the public and religious places countrywide to refrain from retaining low valued coins over a longer period to avoid the scarcity of coins needed for day-to-day transactions.

According to a survey carried out by the CBSL, millions of coins to the value of one, two and five rupees are retained by people, especially school children, to fill their tills and for religious purposes.

The survey also indicates that a large number of such low valued coins are inserted into tills at major religious places in Kandy, Anuradhapura, Kataragama, Bellanwila, Kalutara, Talawila and the Hindu Kovils in Jaffna everyday. CBSL, Currency Department, Supdt, E.P.A. Karunatillake told the Sunday Observer that although the CBSL has distributed adequate low valued coins among the public through financial institutions countrywide, it is the duty of people and the responsible officials of religious places to convert them into currency notes through banks. He said this is the only practice that should be adopted by people to stop the scarcity of low valued coins.

It is also reported that boutique owners and bus conductors as well as cashiers in city banks, especially private banks refuse to give such coins to customers claiming that no coins are available with them.