Release the coins and let them flow - Solomon Star News

Release the coins and let them flow

16 May 2012

IT cost tax payers $44 million last year just to produce new coins for the country.

This is a huge lot of money which should have been used for other important services in the country.

But because people are holding back onto these coins for whatever reasons only known to them, it is costing the country this much.

Alot of people think our local coins have less value and tend to carry notes instead.

Others decided to save these coins until Christmas or their birthdays before using them.

And these may be some of the reasons coins are not circulating.

But its important to get the coins circulated.

The country cannot afford to keep producing new coins every year.

People must realise the importance of coin circulation in the economy so that we are not being forced into producing more new coins.

The production of these new coins which will become available in the economy in July means there has been very little coin circulating for sometimes and its very serious.

However there are coins lying under the beds or ground and at the bottom of our suitcase, boxes, bottles and tins without people not very eager to use them.

The deputy governor of Central Bank Gane Simbe on Friday called on the public to release the coins in their possession in order for it to circulate.

We need these coins to help with our economy and business activities.

So many times there have been complains of shortage of coins in our shops.

In response to that many shops have resorted to giving lollies or matches as change instead of coins.

And people complained.

Such incidents indicates the acute shortage of coins in our possession today.

This is not the first time for for the country to experience such shortage.

And we must help solve such shortage.

If you are still holding on to the coins please bank them or use them because its important for the economy.

Lets be responsible to look after our coins both old and new to ensure they are circulated freely in the economy.