RBF: Sale of numismatic banknotes complements bank income

Fiji Numsimatic 88 cents Bank Note. Picture: RESERVE BAK OF FIJI

The Reserve Bank of Fiji (RBF) has generated more than $8million in income through the sale of numismatic banknotes and coins in the past three years alone.

The RBF confirmed this while clearing the air on some misinformation and speculation circulated on social media regarding the new non-circulation $0.88 numismatic banknotes that had begun to be issued this week.

Given the misinformation, the central bank stated that no new $0.88 numismatic banknotes would be entering into circulation.

“As is common practice among central banks, the RBF produces limited quantities of numismatic currency in partnership with reputable companies and entities for purchase by collectors and enthusiasts,” the RBF stated.

“The newly-announced $0.88 numismatic banknote is among the hundreds of non-circulation numismatic currency that the RBF has produced since 1974. The practice is similar to that of stamp production, whereby hobbyists can purchase the banknotes and coins for their collections.”

In this instance, the central bank stated that the numismatic banknote with a face value $0.88 had been created for sale targeted at the Chinese and wider Asian market.

Past numismatics banknotes and coins issued by RBF, which had covered themes such as Christmas, landmarks, celebrities such as musicians and fauna like birds of Fiji, had been an important income stream for the RBF.

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