Eco-friendly shredding of currency notes a forex boon

Tuesday, 12 September 2023 01:30 - - {{hitsCtrl.values.hits}}

Ceylon Eco Friendly Products has begun a venture to recycle shredded currency notes, a business which it believes can be a great forex earner if Sri Lanka succeeds in securing contracts from other central banks in Asia.

Ceylon Eco Friendly Products Head Udaya Gunaratne told journalists that Sri Lanka could earn foreign currency much more than apparel, tea and other exports if it embarked on recycling shredded currencies of Asian nations alone.

“Sri Lanka could earn a sufficient amount to settle its debt if the industry is carried out in an effective manner. Currently worldwide, the discarded currency is destroyed either by burning or dumping into the sea/earth which are not eco-friendly,” he said adding Central Banks globally spend large amounts to do so.

“We as a responsible company have invented and patented the technology which could be used for the benefit of the country and the globe. Our recycling process is chemical free and we use only agricultural produce for our manufacturing activities. Therefore we are confident that our project will save thousands of trees from felling and thereby the earth will be saved from destruction. The estimated quantity of discarded currency notes worldwide comes to millions of tons,” Gunaratne revealed.

“We use a substance made out of fruits to melt and recycle the currency notes. Therefore we are ready to purchase fruits from Sri Lankan farmers. Accordingly, the farmers of this country can also benefit through this industry,” he added.

The recycled currency notes could be used for stationary, packaging, and souvenir items, and can be a substitute for wooden planks according to Gunaratne.

Ceylon Eco Friendly Products thanked Central Bank Superintendent Currency P.D.R. Dayananda and Export Development Board Chairman Kingsley Bernard for helping him start up the project to recycle currency notes in a small way.

Gunaratne urged President Ranil Wickremesinghe to extend support to expand the project so that a higher foreign exchange can be earned.