The emperor’s changing money system shaping us - The EastAfrican

After independence, central banks of the British Commonwealth took on the role of the sole issuers of national currency, with Sri Lanka maintaining a strict parity with the British Pound through currency boards, even during global crises like the World Wars and the depression. Douglas Gunesekera, who drafted Sri Lanka's monetary law, emphasized that the institution must be the only issuer of recognized national money. These systems aimed to ensure currency stability and equivalence with Britain’s currency during challenging economic times.