A note of progress: RBF
 

The Fiji Times
10.03.07

Introducing the $100 note reflects the growth in the economy, the change in spending habits and the advance in technology, says the Governor of the Reserve Bank of Fiji.

Speaking at the launch of the $100 note yesterday in Suva, Mr Narube said it was another significant milestone in the history of the country's monetary development and the RBF.

It is part of a revamp of all the paper currency.

The new currency tops the $50, $20, $10, $5 and $2 notes already in circulation.

Mr Narube said for the first time, Fiji's banknote would vary in length to help the visually impaired.

The yellow $100 note would be the length of the existing banknotes and the length of the lower denominations would progressively decline by 5 millimetres.

"This means that the $2 will be the shortest note, being 25 millimetres less than the existing note," Mr Narube said.

"We decided to stay with paper rather than change to polymer.

"This decision was based on our public survey and improvements made over the years by the printers to make paper money last longer," he said.

For durability, Mr Narube said all the denominations except the new $100 banknote were coasted with platinum "which will virtually double the life of these notes", he said.

Mr Narube said most of the security features which were in the current banknotes would remain.

But steps had been taken to improve them.

He said this included the addition of state-of-the-art security technology.

On the $100 bill, he said there was the inclusion of OPTIKS which was the note printer's top security feature.

On the $50 and $20 the "window" or "hologram" has been retained but will have different shapes.

"These security features should seriously discourage counterfeiters," said Mr Narube.

The new notes will be issued for circulation from April 10 and the old notes will continue to be used until phased out over a period of time, he said.

Fiji Chamber of Commerce acting president, Swani Maharaj, welcomed the note, saying it was a good initiative.

Mr Maharaja said on the commercial side it could be a problem, as people would buy small items with the $100 note and small businesses would find it difficult to give the change.

He said it would help big businesses which have a huge turnover.

The President Ratu Josefa Iloilo and the Governor of the Reserve Bank of Fiji Savenaca Narube at the launching of the $100 note.