10m fake RM1 coins report not true: BNM

10m fake RM1 coins report not true: BNM THE SUN KUALA LUMPUR: Bank Negara Malaysia (BNM) refuted a report yesterday that 10 million fake RM1 coins are in circulation. It said news reports claiming a large number of the RM1 coins in circulation are fake "are incorrect and misleading". "The public should disregard the report or (similar) claims," it said in a statement. The central bank said there had been isolated cases of forgeries in RM1 coins but the amount was not significant. "Bank Negara has been working closely with the police in such cases and actions were promptly taken," it said. A Chinese daily had reported that about 10 million dud RM1 coins were in circulation. BNM said the RM1 coins are being withdrawn because of the low demand and increasingly unpopular usage of RM1 coins for purchases of goods and services. "The RM1 coins represent less than 1% of the total value of currency in circulation in Malaysia," it said. It said the RM1 coins remain legal tender until Dec 6. "All businesses must continue to accept the RM1 coins and the public can change the coins between Sept 7 and Dec 6." The statement added that BNM had increased the circulation of the RM1 banknotes and coins in other denominations since 2000 to replace the RM1 coins in meeting the demand of the public. For further details on the withdrawal, the public can surf Bank Negara website, www.bnm.gov.my or contact the bank's currency management and operations department at tel: 03-2698 8044 ext 7442 / 7417.