Our beloved RM 1 ringgit is now officially a souvenir. And I didn’t really went through the hassle of digging out all the RM 1.00 coins that I have in my possessions, as one of my friend puts it,” 20 years later this coin will be worth RM 2.00! Why want to change now?”
And I told him, what if I can guarantee you a better way to double your money than to bet your investment on those copper inventories?
And so I began my story of the proverbial retirement fund planning...
Bank Negara Malaysia would like to remind members of the public that the RM1 coin will cease to be legal tender effective 7 December 2005 and may no longer be used for any transactions.
As the three-month period for the withdrawal of the RM 1 coin ends on 6 December 2005, all branches of commercial banks and Bank Simpanan Nasional state main branches will no longer accept the exchange of RM 1 coins.
However, members of the public who have yet to exchange their RM 1 coins can still do so at Bank Negara Malaysia Head Office in Kuala Lumpur and its branches in Pulau Pinang, Johor Bahru, Kuala Terengganu, Kuching and Kota Kinabalu until further notice.
Further details on the withdrawal of the RM1 coin can be obtained from the Bank Negara Malaysia’s website (http://www.bnm.gov.my) or by contacting the Currency Management and Operations Department of Bank Negara Malaysia at 03-2698 8044 ext. 7417.
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