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The Central Bank of Sri Lanka will soon issue a new set of stainless steel circulating coins, helping to address the current coin shortage in the country.

The new coins from the Central Bank of Sri Lanka will be in denominations of Rs. 1, 2, 5 and 10 and will be silver in colour.

The coins will replace the currently circulating denominations composed of brass plated steel that are gold in colour with the exception of the silver Rs.10.

With the new coins being made using stainless steel, the Central Bank aims to reduce minting costs and improve coin durability, whilst ensuring the Central Bank meets coin demand in the country.

According to local reports, the Central Bank has already commissioned the minting of a large stock of the new coins which, says the Bank, will resolve the coin shortage once issued. An issue date has yet to be confirmed but it will reportedly be “soon”.

Source: TimesOnline