Saturday, December 22nd, 2007
Bank Negara Malaysia plans to replace the existing banknotes and coins with new designs, its governor Tan Sri Dr Zeti Akhtar Aziz said yesterday.
“We are in the process of looking for new designs and will slowly replace all the notes and coins,” Zeti said.
“A study on the new designs is in progress. We have to consider a few factors pertaining to input on our country in the designs,” she told reporters here after introducing the new RM50 banknote design to commemorate Malaysia’s 50th anniversary of independence.
The new RM50 banknote is the first denomination of the fourth series of Malaysian currency notes which will be replacing the existing series in stages.
The current banknotes were issued about 10 to 12 years ago, Zeti said, adding that the existing RM50 banknote series would continue to be legal tender.
Presently, the banknotes in circulation are in denominations of RM100, RM50, RM10, RM5, RM2 and RM1 while the coins are in denominations of 50 sen, 20 sen, 10 sen and one sen.
Prime Minister Datuk Seri Abdullah Ahmad Badawi launched the new RM50 banknote yesterday.
The main theme of the new design is Wawasan 2020 or National Mission 2020 where the first thrust is “to move the economy up the value chain”, reflecting Malaysia’s economic transformation to higher value-added activities.
Zeti said the new RM50 banknote was printed by a German-based company which has manufacturing facilities in Canada and Malaysia.
“The company was selected after its design won the competition held by the central bank,” she said.
The new RM50 banknote with special packaging will be available for sale to the public at RM60 per set from Dec 26 at Bank Negara’s head office and branches nationwide. A total of 20,000 sets will be available on a first-come, first-served basis and limited to one set per person.
The new RM50 banknotes without special packaging will be available through commercial banks from Jan 30, 2008.