Vanuatu’s series of money banknotes will see the Vt500 paper-note changed to polymer at the end of this year.
In his announcement, the Governor of the Reserve Bank of Vanuatu (RBV), Simeon Athy, said that the Vt5,000 was the second last denomination of the new Vatu family series of polymer banknotes.
“The Vt5,000 will be released into public circulation on July 28, in Luganville on Santo,” he said.
The Manager of Currency Office of RBV, Mrs Heva Alilee said that Vt500 will be the last denomination in the series and will be issued around the months of November and December.
According to her statement to Buzz 96FM, Mrs Alilee said that RBV is issuing the Vatu currency that is used nation-wide and it was a good idea to launch the denomination in other provinces as well.
“That is the reason why we will be launching the Vt5,000 polymer note on Santo at the end of this month.
“Other provinces need to be part of the Vatu currency launchings,” she said.
“All the other polymer notes such as Vt10,000 was launched in 2010 in Port Vila along with Vt200, Vt1,000 and Vt2,000 launched in Port Vila in 2014.”
Mrs Alilee said that the Vt5,000 paper-note will keep circulating until such time the RBV decides to demonetize or take out the value from the paper-note.
“The commercial banks will no longer issue paper-note but will issue polymer notes of Vt5,000,” she said.
“The banks will instead withdraw the Vt5,000 paper-notes and return it to RBV.”
Mr Athy stated that the notes were printed by Note Printing Australia Limited, a subsidiary of the Reserve Bank of Australia and the polymer notes have a proven record of being more durable and secure.