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A Child’s Guide to Currency Board Systems:Sri Lanka’s Case

Author

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  • Wijewardena, W.A .

    (The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise)

Abstract

Sri Lanka had a currency board system from 1884 to 1950 which maintained a relative stability in prices and the exchange rate. However, the currency board was replaced by a central bank in 1950 with the objective of providing a more dynamic service to the newly independent economy.With the failure of the central bank in maintaining the stability of the value of the rupee domestically as well as externally, a growing demand has arisen for the return to a currency board system in the country. This essay, intended to educate the general public of the implications involved, covers the origin of the currency board system in Sri Lanka, its performance during the colonial period, why independent Sri Lanka chose to establish a central bank, while Singapore decided to continue with a currency board, the case for currency boards as presented by its modern -day crusader Steve Hanke, and how the failure of the Monetary Board of the Central Bank will pave way for the establishment of a currency board in Sri Lanka.

Suggested Citation

  • Wijewardena, W.A ., 2022. "A Child’s Guide to Currency Board Systems:Sri Lanka’s Case," Studies in Applied Economics 211, The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
    • Handle: RePEc:ris:jhisae:0211
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