Solomon Islands Releases New $5 Polymer Note on World Tuna Day

13 May 2019  Mon

Solomon Islands released a new polymer $5 on 2nd May, a day which is celebrated as World Tuna Day. The obverse side of the note depicts a yellowfin tuna and an old fishing hook. A traditional native spearfishing scene is shown on the reverse side.

The designs were chosen to promote the idea of creating a sustainable and responsible fishing industry for better economic security by building a strong community. The decision of introducing polymer notes was taken since they are highly resistant to dirt and moisture, making them three to five times more durable than paper notes.

The economy in Solomon Islands is dependent a lot on cash transactions. As a result, the cost of replacing worn out banknotes has been increasing over the years. $10 million was spent to replace banknotes in 2015, and that number has jumped to $20.9 million in 2018. Experts believe that polymer notes will considerably decrease the note replacement costs.

Image Courtesy: Central Bank of Solomon Islands

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