Commonwealth Countries Adopting Central Bank-Controlled Currencies

The Central Banks of the British Commonwealth countries took on a significant role after independence as the sole issuers of their nation's money. In Sri Lanka, Douglas Gunesekera explained that the national institution must be the sole issuer of nationally recognized money.

This was due to the country's experience during World Wars and the depression in Britain. Although they were not bombed nor had a bad economy like Britain, they suffered from a lack of cash. To address this issue, Sri Lanka used currency boards that ensured their money was equivalent to the British Pound.