Sri Lanka Rupee

Overview

The Sri Lanka Rupee is the unit of currency used in Sri Lanka, symbolized by Rs., or SLRs to distinguish it from other Rupees. The Rupee is sub-divided into 100 cents.

Economy

• According to the International Monetary Fund, Sri Lanka’s GDP was estimated at US$50 billion in 2010 (US$106.5 billion in terms of purchasing power parity). The Sri Lanka GDP experienced growth of 8.2% in 2010 and is estimated to grow by 9.5% in 2011, making it one of the fastest growing economies in the world.
• Sri Lanka is next only to the Maldives in the South Asia region in terms of income per capita, with a nominal value of US$2,435.
• Colombo Stock Exchange was the best performing stock market in Asia in 2009 and 2010, nearly three times its value during that time.

History

• The British Pound became Ceylon's official currency in 1825, replacing the rixdollar Ceylon, at a rate of 1 Pound = 13 ⅓ Rixdollars, and British silver coins became legal tender.
• The Indian Rupee was made Ceylon's standard coin 26 September 1836 as Ceylon retuned to the Indian currency area, though pound-denominated Treasury bonds continued to circulate from 1836, with the Rupee.
• The Bank of Ceylon commenced issuing banknotes in Sri Lanka in 1844, replacing the existing Treasury notes in 1856.
• The Rupee was established as unlimited legal tender for Ceylon in 1869, and became the sole legal tender for Ceylon in 1872.
• Ceylon gained independence in 1948, and introduced the new Central Bank of Ceylon in 1950.
• In 1972, Ceylon was renamed Sri Lanka, and the rupee took on the Sri Lanka rupee nomenclature.
• Several series of banknotes have been released in the past 100 years, with the most recent in 2011. On February 4, 2011, the Central Bank of Sri Lanka (CBSL) issued 11th series of Sri Lanka rupee notes, consisting of six denominations.