Friday, July 5, 2013

Between Environmental Friendly and Traditional

Fasting month is around the corner, and it means celebration of Hari Raya Aidilfitri is also not far away. In this festive seasons, giving out "Duit Raya" is a kind of tradition which is similar like giving out "Ang Pau" (Red Packet) during Chinese New Year festival, and the demand of new bank note become huge during this kind of period.

But there are some environmental issue on this scenario, the recent press statement from Bank Negara Malaysia (BNM) show some fact of why it is a waste on just issuing new Bank Note for this purpose. One of the paragraph of their statement stated as below which we should have a thought on it.

Every year Bank Negara Malaysia issues about 750 million pieces of new RM1 and RM5 banknotes to meet the seasonal demand for Hari Raya Aidilfitri and Chinese New Year. However, about 70% of the issued banknotes are not required for normal payment transactions. These banknotes are returned as deposits soon after the festive season resulting in the accumulation of excess RM1 and RM5 banknotes at Bank Negara Malaysia. The printing of an additional 500 million pieces to meet the festive demand results in high costs and demands on our resources. Its production consumes more than 80 tons of ink and 2 million kWh of electricity which is enough to power 7,500 Malaysian homes for a month.

So this year BNM will promote on the use of recycling Bank Note in this festive season which mainly focus on RM1 and RM5 Bank Note.

The full article can be view in the BNM official website at below link,