The cost of minting coins has been reduced by six hundred million rupees with the minting of fresh sets of coins the Central Bank said Wednesday.
The Bank`s Assistant Governor, Rose Cooray told the media that the bank had earlier yesterday released into circulation a new series coins in the denominations of rupees five, rupees two, 50 cents and 25 cents.
She said the One-rupee, 50 cents and 25 cents coins are totally different from the coins presently in circulation. The one-rupee coin is made out of brass plated steel, weighing 3.65 grams, with a diameter (in millimeters) of 20.0, edge alternate plain/milled. The coin is yellow in colour and round in shape.
The 50-cent coin is made out of copper plated steel, weighing 2.5 grams, with a diameter of 18.0, edge milled. The coin is red coloured and round in shape. The 25-cent coin is made out of copper plated steel, weighing 1.68 grams, with a diameter of 16.0, edge plain. The coin is red in color and round in shape.
The five-rupee and the two-rupee coin are identical to those in circulation, however, smaller in size. The coin is brass plated steel, weighing 7.70 grams, with a diameter of 23.5, milled edge with the legend C.B.S.L in Sinhala, Tamil and English versions in incused lettering. This coin is yellow in colour and round in shape.
Cooray said the obverse and reverse designs of the new coins are identical to those already in circulation coins of same denominations. However, the year of the coin is is given as 2005.
Asked whether the Bank was not minting coins of other denominations, she said that the demand for one-cent, two-cent and five-cent coins was very low. The ten-rupee note had a better demand than the ten-rupee coin. However, there was high demand for two-rupee and five-rupee coins, she said.
Asked the quantity of the newly minted coins, Cooray said the Bank had minted 50,000 million pieces of the five-rupee coin alone.
Superintendent of Currency CBSL, A. Jeewandara said that the new coins are easy to use and user friendly and will be very useful in the foreign exchange.
Meanwhile, in response to a question whether the rupee two-thousand note will released for circulation, Cooray said in the year 2000 there were plans to put out a two-thousand rupee note for circulation, however, to date there had been no final decision on it.