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Reserve Bank runs out of coins in lead up to Xmas

Media release

Newmarket Business Association

Monday, 4 December 2006

Unbelievable that Reserve Bank runs out of new coins in lead up to Christmas

Just five weeks after phasing out the old coins, the Reserve Bank has now written to the country's retail banks warning them there will be a shortage of the new 20 cent pieces in the lead up to the busy Christmas period, with some unimpressed retailers already unable to source 20 cent pieces," Auckland's leading retail district, Newmarket, has revealed today.

"When we complained that the three-month transition period wasn't long enough, the Reserve Bank told us that they'd done a lot of work and that everything was going to be just fine. We'll here we are just five weeks into the new coins and only days away from the Christmas rush, and the country's running out of its own currency. This is all looking very Fijian and doesn't inspire much confidence in our central bank," said Cameron Brewer, head of the Newmarket Business Association.

"The unfortunate thing is that while banks and retailers are set to run out of 20 cent pieces, tens of millions of the old 20 cent pieces sit idle because they are no longer legal tender.

"Retailers have got enough on their mind in December without worrying about running out of change. Given the many years of work leading up to this new coin transition, such a staggering miscalculation by the Reserve Bank should never have happened," said Mr Brewer.

ENDS

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