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New coins have ‘heads’ spinning

 | June 12, 2012

Bank Negara's new set of coins in the market is testing the patience of both consumers and traders.

KOTA KINABALU: Did Bank Negara flip a coin to decide the colour, size and weight of the new coins in circulation? If so, it’s a case of heads I win, tails you lose.

The new set of coins issued by the central bank has got people peering at them in confusion to work out their denomination, according to MP for Kota Kinabalu Hiew King Cheu and he is not amused.

Hiew was referring to the recently issued new Malaysian coins with the face value of 5 sen, 10 sen, 20 sen and 50 sen which are almost similar to each other in size, colour and weight and completely different from those minted earlier.

“Many people find these coins very confusing and the tendency of mixing these up is very high and frequent. Shop owners and shoppers are finding that they are either shortchanging or paying extra as they were unfamiliar with the coins,” he said.

“The difference in the value of these coins is big, leading to arguments and dissatisfaction. The new yellow coins are already fading and will become black soon and create more trouble,” he said.

Hiew said he had received several complaints from the public, especially those in the business community, during his visits to various parts of Sabah of late.

“These new coins are causing some confusion among bank staff who are complaining that it is hard to distinguish the sizes of the coins to separate them for counting.

“The action and attention from Bank Negara is needed immediately,” said Hiew, adding that it was surprising that the Bank Negara failed to anticipate the problem when planning to introduce the new coins.

“Why did Bank Negara put the new coins into the market and without doing a careful check and evaluation of their suitability?

He urged the central bank to remove from circulation the new coins and continue to use the format of the older coins.


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