SOLOMON ISLANDS TO REPLACE OLD COINS

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Currency currently costs more to make than it’s worth

HONIARA, Solomon Islands (Solomon Star, Jan. 31, 2012) – The Central Bank of Solomon Islands (CBSI) yesterday announced that the Solomon Islands will replace its current set of circulation coins with attractive new coins in July this year.

Over time, the cost of making and supplying the current coins has exceeded the face value of the coins.

Last year, CBSI conducted an extensive coinage review and also sought the views of the people in the country’s first-ever national coinage survey.

"The review confirmed that manufacturing costs of coins have become unsustainably high especially as there is also a persistent coin shortage in the country," said CBSI Governor Denton Rarawa.

"The public opinion survey revealed that the people want new coins that are smaller and lighter. We are also going to take this opportunity to create awareness about the need to keep coins in circulation so as to avoid further shortages."

These coinage changes will be a first for the Solomon Islands since the introduction of decimal currency in 1977.

"Much has changed in terms of coinage materials and trends in 35 years," said Governor Rarawa.

"All of the current coins will be removed and replaced by new coins, taking into consideration the results from the review and the public opinion survey. The 1, 2 and 5 cent coins will no longer be produced. CBSI will introduce five new coins in July – 10 cents, 20 cents, 50 cents, 1 dollar and 2 dollars."

The Royal Australian Mint will be producing the new coins for the Solomon Islands. More information on the new coins including sizes, shapes, weight, materials, color and designs and the distribution and withdrawal process will be released in the coming months.

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