Bungling Bank Negara does it again?

MAILBAG In December 2011, Bank Negara Malaysia (BNM) introduced the new coins for circulaton. But recently it has come to light that the 20 and 50 cent denominations are not applicable at the payphone booths and for parking.

This is the second time within 3 years BNM has bungled on the currency circulation. BNM had prevously launched a new set of RM50, citing new security features but the truth is that the bunch of currency become redundant due to blatant act of corruption executed by BNM. They printed these notes without consulting the banks and this resulted in a fiasco uncomparable to any other central banks. The consignment of RM50 notes can only be transacted over the counter due to incompatibility with the Atm machines.

This blunder by BNM infuriated the banks and the consumers and the fiasco was further compounded when the banks flatly refused BNM's request request to recalibrate the ATM citing heavy costs. Without any solution in hand, BNM decided to float these currency notes till 2011.

Bank Negara was created by an Act of Parliment given the responsibilty to enforce the banking regulations but from these two cases, it is obvious BNM has no intergrity or the intention to protect taxpayers money as multiple printing and minting costs millions and there is strong suspicion that both scandals were premeditated and perpetrated from within.

This whole episode reminds one of An african central bank which printed and circulated 1billion denomination currency notes which did not become redundant like BNM's RM50 ringgit and coins.

Malaysia Chronicle received this letter in the MAILBAG and decided to print it in good faith for readers to gauge for themselves the truth and fairness behind the story