New look for the ringgit next year

PETALING JAYA - The ringgit will have a new look next year, announcedBank Negara.

The new series design of Malaysian banknotes and coins would be issued for circulation in early 2012, an exercise undertaken periodically every 12 years, said the central bank in a statement yesterday.

“The theme for the design of the new currency series will include features that are distinctively Malay­sian.

“It will also have enhanced security elements in line with the latest advancements in technology for currency notes,” it said.

There will be changes for the RM1, RM5, RM10, and RM100 banknotes and 5 sen, 10 sen, 20 sen and 50 sen coins.

However, the current design of the RM50 banknote, which came out in December 2007 to commemorate Malaysia’s 50th Indepen- dence Day, will continue to remain in circulation.

“In preparation for the issuance of the new currency series, Bank Negara will be working closely with financial institutions, businesses and cash handling vendors to ensure a smooth transition,” it said.

Existing banknotes will be circulated with the new notes until the former are gradually withdrawn.

“Vendors of cash handling machines will be given six months to calibrate these to ensure public convenience for the use of the new currency,” the statement said.

To increase public awareness on the new currency series, Bank Negara said it would issue commemorative coins for the third series and unveil the new fourth series for banknotes in the third quarter of this year.

- The Star