In an effort to combat corruption that’s been plaguing our country, Prime Minister Tun Dr. Mahathir Mohamad has announced that the government is currently looking into replacing the current Ringgit notes with new ones or to introduce a cashless society.
According to an interview with Channel News Asia
, the nonagenarian said, “It’s not an easy thing because when you want to replace the currency, you must know how much currency is in circulation... because we have to replace what is in circulation and that is a very big amount.”
Besides corruption, introducing new bank notes can also help tackle counterfeit notes.
But to do so isn’t an easy feat says Tun Mahathir as several things need to be considered.
A big amount of paper to print new money will be needed as well as millions of metres of security thread, watermarks, ultra-violet features and other anti-counterfeiting devices he told The New Straits Times
A study would also be conducted on the effects of economy if the government decides to introduce new Ringgit notes.
“We are studying how best to reduce corruption and how best to keep track of money that is being spent, especially by the government,” Tun Mahathir told Channel News Asia