Recycling shredded currencies could generate more forex for SL than apparel, tea

Udaya Gunaratne

By Yohan Perera

As Sri Lanka grapples with its economic crisis and debt issues, the investor who has secured a contract from the Central Bank to recycle shredded currency notes has proposed an alternative that he claims is significantly more effective and profitable.
Udaya Gunaratne, Head of Ceylon Eco Friendly Products (Pvt.) Ltd, the company responsible for recycling shredded currency notes, shared with reporters that Sri Lanka has the potential to earn more foreign currency than from apparel, tea and other exports, if it focuses on recycling shredded currencies from the Asian nations alone. 

He emphasised that if this is effectively managed, Sri Lanka could generate sufficient revenue to address its 
debt concerns.
Globally, discarded currency is typically destroyed through methods like burning or dumping into the sea or earth, all of which harm the environment. Central banks worldwide, including Sri Lanka’s, allocate substantial funds for this purpose. 
However, Ceylon Eco Friendly Products has developed and patented an eco-friendly technology that can benefit both the nation and world. According to Gunaratne, the recycling process is entirely chemical-free and depends on agricultural produce 
for manufacturing. 

Gunaratne expressed confidence that their project would save thousands of trees from being felled, thus contributing to the preservation of the environment. He noted that the estimated quantity of discarded currency notes worldwide amounts to millions of tonnes.
He went on to explain that the recycle process involves using a substance derived from fruits to melt and recycle the currency notes. 
“This approach opens up opportunities for Sri Lankan farmers to supply the necessary fruits, thereby benefiting the local agricultural sector,” he said.
The recycled currency notes have various usages, including manufacturing of stationery, packaging materials, souvenir items and even serve as a substitute for wooden planks, said Gunaratne.
He also called upon President Ranil Wickremesinghe to support the expansion of the project, believing that it could significantly impact the country’s economy by providing opportunities to recycle currency notes from other countries.