Business Process Optimization of Currency Management at the Central Bank of Sri Lanka

This paper presents a research carried out at the Central Bank of Sri Lanka (CBSL), on business process optimization of its Currency Management Operations. The objective of this research was to identify how the appropriate use of Information Technology for business process optimisation has contributed for the improvements of the quality of currency management at the Central Bank of Sri Lanka. Economic growth and inflation in Sri Lankan economy has increased the demand for currency notes and coins continuously and has increased the complexity of the key currency functions including consignment management, vault management, currency issues and destruction management. Still, there has been no automated system to manage these complex currency operations of CBSL. The approach taken in this research is to optimize the business process of the currency management operations through the introduction of a comprehensive Currency Management System that improves efficiency, productivity, compliance and transparency of the overall currency management process ensuring stakeholder confidence and satisfaction.