Currency changes only affecting note size and coin composition

By MATTHEW VARI

Sunday, May 29, 2016 (PNG)

CENTRAL Bank Governor Loi Bakani has said that any changes to the country’s currency would only affect the bank notes shapes and coins composition.

Referring to observations made by users of the currency on the changes in sizes of various notes that have not been uniform of late, he made the comments adding that designs of the various currency denominations would not be affected.

“Changes to the currency will not be for design but mainly size and composition of materials,” the Central Bank Governor said.

“In the past we had complaints when people used K100 notes, that when compared to the K2 there wasn’t any difference.”

“One way to tell the difference is the K2 size verses that of the K100- the next lot of 2 Kina notes coming out of production will be much more shorter and smaller so that if you have it in your wallet between the two you can tell the difference.”

He also revealed suggested from various groups of brail to be incorporated for the blind population in the country, but, added the current changes have been accepted.

“Blind people can now tell the difference between the various notes.”

“For coins there was a survey and the people wanted heavy coins and not wanting them to be lighter.”

“We are maintaining the same size however there is an issue regarding the materials used in the making of the coins.”

He explained that in business it being vital to wear out the cost of production.

“Producing a particular coin, when being released out to the public it has a value to it so cost has to be lower than the value of the coin that is put out. It is not big but it is something we need to take account of.”

“When a coin is released to the public to the banks and other users, it has to be higher than the cost, when it is lower we have to look at ways to get it into positive.”

“And the way to look at it is to look at the size, weight, metal content in the coins. In terms of the coins there are no other changes at this stage we will keep the same until such time we want to do that then we will.”