17 Aug 2006

Solomons Central Bank issues first one hundred dollar notes

10:28 am on 17 August 2006

The new 100 dollar notes in Solomon Islands will come into circulation before the end of the year.

The SIBC says the Central Bank's Currency and Banking Manager, Daniel Haridi says the notes should come into circulation before October.

He says this will also include a new line of two dollar notes, as the current two dollar notes are said to be fading.

Mr Haridi says the Central Bank decided to introduce 100 dollar notes because of the huge pressure on 50 dollar notes.

He says the Bank's stock of 50 dollar notes ran out very quickly because of the demand, as well as mishandling of the paper money.

He also says that the minting of one and two-cent coins had stopped because current pricing trends mean they no longer have any value