Sri Lanka is a beautiful and vibrant country located in South Asia with a rich culture, stunning landscapes, and friendly people. But if you’re planning a trip to Sri Lanka, you’ll need to know the currency used in the country so you can prepare your budget accordingly. In this blog post, we’ll take a closer look at the currency of Sri Lanka and discuss what you need to know about it.
The Sri Lankan Rupee
The official currency of Sri Lanka is the Sri Lankan Rupee. It is denoted by the currency code LKR and the symbol Rs. The Sri Lankan Rupee is used by over 22 million people in Sri Lanka and is issued by the Central Bank of Sri Lanka. The currency is subdivided into 100 cents.
The Sri Lankan Rupee was introduced in 1872 during British rule and was initially equivalent to the Indian Rupee. However, after Sri Lanka gained independence in 1948, the country began issuing its own currency. The modern Sri Lankan Rupee was introduced in 1972 when Sri Lanka became a republic.
The Sri Lankan Rupee is a stable currency, but its value has fluctuated over the years. The exchange rate varies depending on several factors, including political stability, economic growth, and international trade.
In Sri Lanka, the Sri Lankan Rupee is widely accepted, and most transactions are conducted using cash. However, many businesses also accept credit and debit cards, particularly in urban areas. ATMs are available throughout the country, and visitors can withdraw cash using their international debit cards.
Visitors to Sri Lanka should be aware that it is illegal to take more than 5000 Sri Lankan Rupees in cash out of the country. Additionally, visitors should convert their money at authorized exchange centers to avoid counterfeit currency scams.
Overall, the Sri Lankan Rupee is a widely accepted and stable currency that visitors to Sri Lanka can use without issue. It is always advisable to be aware of exchange rates and to use caution when exchanging currency in any foreign country.
History of the Sri Lankan Rupee
The Sri Lankan rupee has a long and interesting history. The currency was introduced in Sri Lanka during British colonial rule in 1828. Before the introduction of the rupee, a variety of currencies were used on the island, including the Indian rupee, British pound, and Dutch rixdollar.
During the early years of the Sri Lankan rupee, the currency was pegged to the British pound. However, in 1949, Sri Lanka gained independence from British rule and the rupee was officially established as the country’s currency.
Throughout its history, the Sri Lankan rupee has faced its fair share of challenges. In the early 2000s, the currency experienced a period of instability, with the value of the rupee dropping significantly. This was largely due to political instability in the country, as well as economic issues such as inflation and high levels of debt.
In recent years, however, the Sri Lankan economy has rebounded and the rupee has stabilized. Today, the currency is widely accepted throughout the country and is used for everyday transactions.
Despite its ups and downs, the Sri Lankan rupee remains an important part of the country’s economy and identity. Whether you’re visiting Sri Lanka for business or pleasure, it’s important to familiarize yourself with the currency and exchange rates in order to make the most of your time on the island.
How to Convert Currencies
If you’re planning a trip to Sri Lanka, you’ll need to know how to convert your currency to the Sri Lankan Rupee. Here’s a quick guide on how to convert currencies.
1. Check the Exchange Rate:
The first step to converting your currency is to check the current exchange rate. You can easily do this by checking online or using a currency exchange app. The exchange rate fluctuates regularly, so it’s best to check it a few days before your trip to get the most accurate rate.
2. Calculate the Conversion:
Once you know the exchange rate, you can calculate how much Sri Lankan Rupee you’ll get for your currency. You can do this manually or use an online currency converter.
3. Choose the Conversion Method:
There are several ways to convert your currency to Sri Lankan Rupee. You can do it at the airport, use your bank’s currency exchange service, or use a local money changer. Each method has its pros and cons, so do your research and choose the one that works best for you.
4. Prepare Your Cash:
If you’re exchanging cash, make sure it’s clean and in good condition. Some money changers and banks may not accept damaged or torn notes. Also, be sure to bring a small amount of cash in your own currency in case of emergency.
5. Be Mindful of Fees:
Currency conversion often comes with fees, so make sure to read the fine print and be aware of any hidden charges. Using a credit card for transactions can also come with additional fees, so it’s best to ask your bank about their foreign transaction fees before using your card in Sri Lanka.
By following these steps, you’ll be well-prepared to convert your currency to the Sri Lankan Rupee and enjoy your travels in Sri Lanka. Happy journey!