New coins and banknotes to tackle counterfeiting

Bank Negara Malaysia decided to issue the the new third series of the Malaysian coins and the fourth series of the ringgit banknotes with improved security features to overcome counterfeiting.

Deputy Finance Minister Donald Lim Siang Chai told the Dewan Rakyat the move would help Bank Negara Malaysia to reduce the cost of producing the new coins by 49 percent a year through the use of base metals and other technical specifications.

“The appointment of suppliers for the new series of Malaysian coins and banknotes is made through an open tender,” he said in response to a question by Lim Lip Eng (DAP-Segambut) who wanted to know the government’s rationale in producing the new series of the Malaysian coins and banknotes.

He said all the contracts for the supply of the new series of Malaysian coins and banknotes had been tendered to international companies of high reputation and credibility.

“The supplier which has been selected to supply the coins is Poogsan Corporation, South Korea, and the coins are minted at the Bank Negara Malaysia mint in Shah Alam.

“The suppliers for the new series Malaysian banknotes are Crane AB, Sweden; Giesecke & Devrient GmbH, Germany; Oberthur Technologies, France, and Orell Fussli, Switzerland,” he added.

On the decision by the United States of America to limit its debt rate, Lim said it did not give any impact on Malaysia.

– Bernama