Commemorative coins for palm oil industry 100th anniversary - Business News | The Star Online

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Commemorative coins for palm oil industry 100th anniversary


  • Banking
  • Thursday, 27 Jul 2017

BNM Governor Datuk Muhammad Ibrahim (left), Minister of Plantation Industries & Commodities Datuk Seri Mah Siew Keong and Malaysian Palm Oil Council chairman Datuk Lee Yeow Chor at the launch of the commemorative coins.

BNM Governor Datuk Muhammad Ibrahim (left), Minister of Plantation Industries & Commodities Datuk Seri Mah Siew Keong and Malaysian Palm Oil Council chairman Datuk Lee Yeow Chor at the launch of the commemorative coins.

KUALA LUMPUR: Bank Negara Malaysia (BNM) is issuing commemorative coins to celebrate the 100th anniversary of the Malaysian palm oil industry.

The central bank said on Thursday Malaysia is one of the world’s largest producer and exporter of palm oil and the industry has played a crucial role in the country's exports and the economy.
 
“The palm oil sector has contributed significantly to the cumulative export earnings for the country, through the export of the commodity and many value-added products to the global market,” it said. 

BNM said the industry also contributed to job creation and enhanced the welfare and living standards of many in the rural areas within the country. 

These commemorative coins were launched by the Minister of Plantation Industries & Commodities Datuk Seri Mah Siew Keong at BNM's Museum and Art Gallery at Sasana Kijang. Also present were BNM Governor Datuk Muhammad Ibrahim and chairman of the  Malaysian Palm Oil Council Datuk Lee Yeow Chor.

The coloured silver commemorative coin (proof) is made of fine silver with 99.9 purity and weighs 31.10 grams. It has a face value of RM10 and will be sold at RM230 a piece. The mintage quantity is 700 pieces. 

The  nordic gold brilliant uncirculated commemorative coin has a face value of RM1 and will be sold at RM10 each. The mintage quantity is 13,000 pieces.

The prices are subject to GST of 6%.

BNM said the commemorative coins are also available in sets of two. The set of two comprises the coloured silver and nordic gold proof coins. This set will be sold at RM280 per set (price is subject to GST of 6%) with 1,300 sets available.

The coins, which are issued by BNM, will be available for public viewing from Monday at BNM's Museum and Art Gallery (MAG) and offices located in Penang, Johor Bahru, Kota Kinabalu, Kuching and Kuala Terengganu. The coins will be available for sale from Aug 9, at the same locations.
 

Banking , Plantations

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