Commemorative Currency Launch To Mark Fiji 50

Prime Minister Voreqe Bainimarama unveiled a commemorative currency in Suva last night, to mark Fiji’s 50th anniversary of independence.

Two million commemorative $50 polymer notes and two million commemorative 50 cents coins will be distributed to commercial banks today.

The currency, which goes into circulation today, cost 46 cents for a $50 note and 43 cents for a coin, bringing to $1.7million the cost of production.

RBF will today roll out distribution of the commemorative 50 cents coins to Fiji’s 230,000 primary and secondary school students.

The note depicts the Government building clock tower chiming at 10 o’clock, which was the exact moment when Fiji’s new flag was raised to half-mast, Mr Bainimarama said.

The back of the bill shows children, which Mr Bainimarama said were symbolic of Fiji’s future inheritance. The 50 cent commemorative coin was exceptional in its own right for as the first ever coloured coin to be released in Fiji’s history, he said.

From left-European Union (EU) Ambassador to Pacific, His Excellency Sujiro Seam, Reserve Bank Governor Ariff Ali and Assistant Minister for Women Veena Bhatnagar with the new fifty cent coin following the launching of Fiji's 50 year of Independence commemorative banknote and coin by Reserve Bank of Fiji at Grand Pacific Hotel on October 7, 2020. Photo: Ronald Kumar.

“At the time of independence, total currency in the economy was $14 million; and now it stands close to $900 million,” he said.

The financial system 50 years ago was smaller at $150m today, it was around $26 billion, he said.

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