News
No sense in maintaining ‘cents’, so out they may go
View(s):The Government tabled a new Central Bank Act in Parliament this week to make it more independent and one of the provisions in the proposed law is an option to do away with cents as a currency unit.
The draft bill states that the country’s currency will be the Sri Lanka rupee, which shall be divided into one hundred units each of which shall be called a “cent”.
However, notwithstanding this provision, where the Central Bank Governing Board is of the view that it is expedient for the Sri Lanka currency to be a unit currency, it may “recommend the same to the Minister who may by Order published in the Gazette abolish the use of the “cent” in transactions from a date not later than one year after the publication of such Order”.
With the declining value of the Sri Lanka rupee, many suggest that the Rupee be the only unit of currency and the ‘cent’ be done away with, said a bank official. The cents are hardly seen in today’s currency transactions.
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