Sri Lankan rupee facts for kids

Quick facts for kids Sri Lankan rupee
1000 rupee banknote
ISO 4217 Code	LKR
User(s)	Sri Lanka
Inflation	▲ 1.70 % (2024)
Source	Central Bank of Sri Lanka
Method	CPI
Symbol	Rs
Coins	රු. 1/-, රු. 2/-, රු. 5/-, රු. 10/-, රු. 20/-
Banknotes	රු. 20/-, රු. 50/-, රු. 100/-, රු.  500/-, රු. 1,000/-, රු. 5,000/-
Printer	De La Rue Lanka Currency and Security Print (Pvt) Ltd

Exchange rate of the Sri Lankan Rupee to US$1 since 1973

The Sri Lankan Rupee (Sinhala: රුපියල්, Tamil: ரூபாய்) is the official money of Sri Lanka. Its symbol is රු. The international code for the Sri Lankan Rupee is LKR.

One Rupee is made up of 100 cents. However, cents are not often used today because they are worth very little. The Central Bank of Sri Lanka is in charge of making and giving out this money. People often use "Re" for one Rupee and "Rs" for more than one.

A Quick Look at Rupee History

The money used in Sri Lanka has changed a lot over time. Before the Rupee, Sri Lanka used a currency called the Ceylonese rixdollar.

From Pounds to Rupees

In 1825, the British pound sterling became the official money. British silver coins were also used. Later, in 1836, the Indian rupee became the main coin in Sri Lanka. Even with the Indian Rupee, British money was still used for keeping records.

In 1871, the Rupee system became decimalized. This means one Rupee was divided into 100 cents, just like it is today. This change officially happened on January 1, 1872. The Rupee then took over from the British pound system.

Money Challenges and Changes

In 1884, there was a banking problem in Sri Lanka. To help, the government created a special group called the Board of Commissioners of Currency of Ceylon. This group made sure that Sri Lankan money notes could be easily swapped for Indian Rupee coins.

More recently, in April 2022, the Sri Lankan Rupee faced big challenges. Its value dropped a lot compared to the US dollar. This was due to economic difficulties in the country.

Coins of Sri Lanka

A 1 cent coin from 1870, made in the Royal Mint

Sri Lanka has used many different coins over the years. The first coins for the Rupee system came out in 1872. These included copper coins for small values like 1/4 cent, 1/2 cent, 1 cent, and 5 cents. Silver coins for 10 cents, 25 cents, and 50 cents followed in 1892.

Changes in Coin Materials

Between 1940 and 1944, many coins changed. For example, the 5 cent coin changed from a large copper coin to a smaller coin made of a mix of copper and nickel. Other coins also changed their metals. Some coins even featured Queen Elizabeth II or King George VI.

In 1963, new coins were made without the picture of the monarch (king or queen). Instead, they showed the national symbol of Ceylon (which is now Sri Lanka). These coins were made from different metals like aluminum and nickel brass.

Modern Coins

Today, the coins used in Sri Lanka show the national symbol of the Republic of Sri Lanka on one side. The other side shows the coin's value in numbers and in Sinhala, Tamil, and English. It also shows the year the coin was made.

Smaller value coins like 1 cent, 2 cents, 5 cents, 10 cents, 25 cents, and 50 cents are not used much anymore. They are also no longer being made.

In 2017, a brand new set of coins made from stainless steel was introduced. These are the coins you will see most often today.

2005 - Old coin series of Sri Lanka
Image	Value	Obverse	Reverse	Metal	Diameter	Weight	Thickness	Edge	Year
	25c	Armorial Ensign	Country name, year and value	Copper-plated Steel	16.0 mm	1.68 g	1.2 mm	Plain	2005
	50c				18.0 mm	2.5 g	1.4 mm	Plain
	Re. 1/-			Brass-plated Steel	20.0 mm	3.65 g	1.7 mm	Milled
	Rs. 2/-			Nickel-plated Steel	28.5 mm	7.0 g	1.5 mm	Milled
	Rs. 5/-			Brass-plated steel	23.5 mm	7.7 g	2.7 mm	Lettered
	Rs. 10/-			Nickel-plated Steel	26.4 mm (Hendecagon)	8.36 g	2.1 mm	Plain	2009

2017 - New coin series

Special Commemorative Coins

The Central Bank of Sri Lanka also makes special coins to remember important events. These are called commemorative coins. For example, in 2010, they made a colorful silver coin for their 60th Anniversary. In 2023, a Rs. 1000 coin was made for Sri Lanka's 75th Independence Day.

Banknotes of Sri Lanka

A 5 Rupee banknote from 1929, issued by the Government of Ceylon

The first Rupee banknotes were introduced in Sri Lanka in 1885. Over the years, many different values of banknotes have been printed. These include Rs. 1, Rs. 2, Rs. 5, Rs. 10, Rs. 50, Rs. 100, Rs. 500, Rs. 1,000, and even Rs. 10,000 notes.

Modern Banknotes

Since 1977, the Central Bank of Sri Lanka has been responsible for issuing banknotes. New values like Rs. 20, Rs. 500, and Rs. 1,000 were added in the late 1970s and early 1980s. A Rs. 200 note was made in 1998 to celebrate 50 years of Sri Lankan independence. This was the first banknote in Sri Lanka made from a special plastic material called polymer.

Sri Lankan banknotes are unique because the pictures on the back are printed vertically. The front of the notes often features important people like former prime ministers and presidents. The back of the notes shows beautiful Sri Lankan animals, plants, landscapes, and scenes from its culture and history.

How the Rupee is Traded

The Sri Lankan Rupee is known as a "closed currency." This means you usually cannot buy or sell it outside of Sri Lanka. If you visit Sri Lanka, you can exchange your money for Rupees at the airport or at currency exchange places around the country.

In March 2023, the Rupee's value increased after the IMF announced a financial support plan for Sri Lanka. This news helped the Rupee become stronger against other currencies like the US dollar.

See also

• Economy of Sri Lanka