NDB supports Central Bank’s coin collection initiative

Wednesday, 24 July 2013 00:00 - - {{hitsCtrl.values.hits}}

The Central Bank of Sri Lanka (CBSL) launched a special program to collect idle coins from school children, religious places and the general public with the aim of issuing them back into circulation in an appropriate manner. The island-wide program was ceremoniously launched at the NDB branch in Ja-ela, with the participation of the Governor of CBSL Ajith Nivard Cabraal as the Chief Guest. The coin collection program, which will be backed by a strong media campaign, is scheduled to be extended to 225 locations in seven districts within the next 25 days.

The CBSL is reported to mint over 100 million coins to the banking sector annually at an approximate cost between Rs. 800 million to Rs. 1 billion, involving a substantial amount of foreign exchange as well. Having observed that a fair amount of such currency coins issued by CBSL are lying idle at various places such as households, in charity boxes at religious places, savings tills etc., the CBSL has initiated this program in a bid to bring these idle coins back in to circulation. In addition to making arrangements for the ceremonious launch, NDB branches in Ja-ela and Wattala will facilitate the endeavour by serving as a collection point for the area where CBSL officers will operate a coin collection desk during 23 and 24 July, accepting coins and paying its value to the contributors. Commenting on NDB’s involvement in the initiative, Chief Operating Officer of NDB Indrajit Wickramasinghe, said: “Considering the significance of this effort to the national economy, we are glad to support the Central Bank in this endeavour. It’s been revealed that such streamlining of the circulation of coins will result in substantial savings for the country by reducing the amount of coins minted. As a bank dedicated for national development, we believe it is our duty and obligation to support this initiative which is of great national importance.” NDB is one of the fastest growing banks in the country with the NDB Group having regional operations in Maldives and Bangladesh. The bank offers a wide range of commercial banking services through its growing island-wide branch network, catering to an increasing customer base from all walks of life. Through the combined synergies of the diverse constituents of the NDB Group, its customers have access to a full range of banking and financial services including project finance, corporate banking, SME lending, retail banking, investment banking, stock brokering, wealth management and insurance solutions, making NDB a truly universal bank.