Following a recent article relating to the production of Sri Lanka’s banknotes, published in the Sunday Times of August 19, 2018, De La Rue Lanka has issued the following statement, to present a more accurate picture of the current situation reported in the media recently. As confirmed by the Central Bank of Sri Lanka (CBSL) [...]

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De La Rue sets the record straight

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Following a recent article relating to the production of Sri Lanka’s banknotes, published in the Sunday Times of August 19, 2018, De La Rue Lanka has issued the following statement, to present a more accurate picture of the current situation reported in the media recently.

As confirmed by the Central Bank of Sri Lanka (CBSL) statement, Sri Lanka’s banknotes have been produced by De La Rue Lanka, since the set up of the joint venture between De La Rue and the Government of Sri Lanka (GoSL) more than 30 years ago. In the last decade alone, De La Rue invested Rs 7 billion, with a current ongoing investment programme of Rs 2 billion.

This recent investment is to enhance the quality inspection systems for the benefit of the local currency and to ensure that the highest manufacturing and security conditions are maintained. The Biyagama site holds the highest level of ISO14298 accreditation for security (CBSL level) and is the only one of its kind in Asia to have this level of security accreditation.

De La Rue works closely with the CBSL to ensure that the banknotes are produced in accordance with their exacting circulation requirements. Contrary to the claim in the said article, De La Rue continues to actively invest in its Global Operations. Aside from Sri Lanka, these include Gateshead and Debden in the UK , Malta and Kenya where annual investments continue to grow. The investment in Sri Lanka is mirrored in the sites in Malta and Kenya.
These two sites, like Sri Lanka, have also been accredited with the highest level of security of ISO14298.

Furthermore, De La Rue re-clarifies that 80% of the banknotes printed by De La Rue Lanka is exported from Sri Lanka, supporting the currency needs of 30 countries worldwide. Banknotes for CBSL make up to only around 20% of the production volume. In addition, this joint venture makes an annual contribution of Rs 1.9 billion to the local economy, in the form of wages, taxes and dividends. As the flagship British investment in the Country, De La Rue is proud of its relationship with the GoSL, and strongly believes in the potential that Sri Lanka has to offer, and will continue to provide support in printing the local currency at its world class facility in Biyagama

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