Britain’s Central Bank is retiring its paper currency by shifting to polymer bills, making Britain the world’s largest economy to use plastic-like bank notes.
The shift to polymer is due to the material’s flexibility and resistance to water, making it more durable, says Sarah John, Bank of England’s Chief Cashier. The material also makes it harder for defrauders to produce counterfeit bills due to its laborious manufacturing process.
The Bank of England urged those holding the paper 20 and 50-pound bills to spend or deposit them with a financial institution before they are no longer legal tender.
Malaysians who keep foreign currencies as an investment or for future travel may be affected by this change. Some money changers recommend that customers change the old pound to RM, as this may be the last month for them to do so.
Some money changers in Malaysia are also taking advantage of the situation to shortchange customers with poor exchange rates. Some offered rates as high as 1 pound at RM4.80 while some went as low as 1 pound at RM4.
Malaysians are advised to check the exchange rates before proceeding to exchange their foreign currency to avoid being shortchanged.
Sources: BBC, Washington Post, The Sun
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