Friday, March 09, 2007
Is it the right time to launch a Fiji $100 bill?
There was an official launch by the Fiji President for a new banknote at the Reserve Bank tower, this time for $100. Well, what about the timing? On Wednesday all the civil servants 5% pay cut started so are they going to ever see these bills? And so many people are suffering from the floods, will they ever ever see a $100 bill?
Another grouch: why do they put the picture of Elizabeth 11 on it? Fiji is a republic and the royal family aren't even coming for the (sometime) opening of the new Council of Chiefs building!
notes adapted from Fiji papers:
RBF Governor Savenaca Narube said the introduction of the $100 note came after ten years since the launch of the $50 note. "Raising the denomination of the highest currency reflects a combination of basically three things - the growth in the economy, the change in spending habits and the advance in technology," he said. The current bank notes have also been changed with extra security features and compatibility for the visual impaired. "For the first time, Fiji's banknotes will vary in length to help the visually impaired," Narube said.
He said the RBF decided to stay with paper rather then plastic due to public survey and "improvements made over the years by printers to make paper money last longer".
Narube said the new notes will come into circulation from April 10 and the RBF will begin with an awareness campaign to make people aware of the new notes and its features.