SUNBIZ

A-G On New $7 Banknotes

Neither the Government nor the taxpayers contributed to the cost of producing the new $7 commemorative banknotes. “Madam Speaker, the cost of producing the two million commemorative banknotes was borne
28 Apr 2017 12:32
A-G On New $7 Banknotes
The New $7 Note. Photo: The News Tribune

Neither the Government nor the taxpayers contributed to the cost of producing the new $7 commemorative banknotes.

“Madam Speaker, the cost of producing the two million commemorative banknotes was borne by the RBF,” Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum said during the Parliamentary sitting yesterday.

“Madam Speaker, it is important to note that the unit cost of producing one $7 banknote is in fact lower than the cost of printing an existing $5 note which is approximately $0.30 per note.

“The RBF is confident that the cost will be fully recovered from the sale of special uncut sheets of the $7 banknotes.

“The RBF has printed 10,000 uncut sheets which have 32 notes per sheet (total notes in uncut sheet is 320,000 notes) and estimates sales from this numismatic item to generate around $3 – $4 million.”

Mr Sayed-Khaiyum said the commemorative $7 banknote and 50 cent coin both featured the mastermind behind their Rio Gold win, former national 7s coach Ben Ryan, in his iconic pose on the world-renowned Sigatoka Sand Dunes.

“Madam Speaker, while the commemorative 50 cent coin was in process, the RBF Board of Directors also approved a commemorative banknote project and a selective tender was initiated by inviting tenders from our current banknote printer and printer for the past 103 years, De La Rue Currency and renowned French banknote printer, Oberthur Fiduciaire.

“Let me also add Madam Speaker, that we have been reliably informed that this is now the only $7 banknote in circulation in the world.”

EDITED BY: IVAMERE NATARO

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