Press Release No 1 –
Revised New Coins Issue Date
Press Release No. : 01/2009
Date : 09 January 2009
The Reserve Bank of Fiji, today, announced that due to the delay in the arrival of the shipment, the new coins will now be released from February 16, 2009.
The Governor, Mr. Savenaca Narube said that the delay was regretted but was entirely beyond the control of the Reserve Bank. He added that this delay however, has given an opportunity for everyone to properly prepare for the use of the new coins.
The Reserve Bank is working closely with commercial banks to allow all denominations of the new coins except the one dollar to be available in all bank branches across the country on February 16.
Governor Narube added, “The Reserve Bank has held wide consultations with the affected parties right across the country. In a significant change such as this, adjustments need to be made by the general public, the banks, the vending machine operators and municipal councils. But let me stress that the change to lighter and smaller coins is very much in the interest of the country as they are significantly cheaper to mint. Furthermore, organisations like banks and municipal councils will be able to save money in lower cost of transportation, handling and storage.
I believe that these savings would far outweigh the cost of adjusting to the new coins”. As a result of this delay, the date when the old coins will be removed from circulation will now be April 30, 2009. After April 30, 2009, only the Reserve Bank of Fiji will give value or your old coins.