XN000022-1992-11-24 — Page 5

4

TUESDAY, NOVEMBER 24, 1992

"THE NEW BANK NOTES WILL BE PROGRESSIVELY INTRODUCED FROM THE BEGINNING OF 1993.

"THE REPLACEMENT OF BANK NOTES WILL BE EFFECTED THROUGH THE NATURAL PROCESS OF WITHDRAWING FROM CIRCULATION THOSE USED BANK NOTES WHICH ARE NO LONGER OF GOOD CIRCULATION QUALITY," MR YAM SAID, NOTING THAT BANK NOTES HAD AN AVERAGE LIFE OF ABOUT TWO YEARS.

MADE

-

SEPARATE ANNOUNCEMENT WILL BE

BY THE TWO NOTE ISSUING BANKS ABOUT THE TRANSITIONAL ARRANGEMENTS FOR BANK NOTES CLOSER TO THE DATE OF INTRODUCTION.

MR YAM POINTED OUT THAT SOME BANK NOTES AND COINS OF EXISTING DESIGNS WOULD INEVITABLY REMAIN IN CIRCULATION AFTER 1997.

HE SAID IT WOULD BE UP TO THE SAR GOVERNMENT TO DECIDE WHETHER A SPECIFIC TIME FRAME SHOULD BE SET FOR SUCH BANK NOTES AND COINS ΤΟ BE EXCHANGED INTO NEW BANK NOTES AND COINS, AND BE WITHDRAWN FROM CIRCULATION ALTOGETHER.

THE

IN A RELATED DEVELOPMENT, COMMEMORATIVE PROOF AND UNCIRCULATED DESIGNS EARLY NEXT YEAR.

GOVERNMENT

WILL BE PRODUCING COIN SETS FEATURING THE NEW

THE SETS WELL FACH CONTAIN SEVEN COINS RANGING FROM THE 10-CENT TO THE 10-DOLLAR COIN. THE COINS WILL BE DATED 1993.

WORLDWIDE SALES OF THE PROOF SETS WILL BE LIMITED TO 30,000, OF WHICH 25,000 WILL BE AVAILABLE FOR SALE IN HONG KONG.

"THERE WILL BE NO ISSUE LIMIT FOR THE UNCIRCULATED SETS.

"THE TARGET DATE FOR LAUNCHING SALES IS MID-JANUARY YAM SAID.

1993," MR

"THE SETS WILL BE SOLD AT A PRENTUM AND DEMAND IS EXPECTED то BE SUBSTANTIAL DUE TO THEIR NUMISMATIC VALUE, HE ADDED.

NET PROOFEDS FROM THE SALE OF THE COMMEMORATIVE COIN SETS WILL BE CREDITED TO THE SPRCTAL COIN SUSPENSE ACCOUNT AND THEREAFTER USED TO FINANCE, IN WHOLE OR IN PART, CAREFULLY SELECTED PROJECTS FOR THE BENEFIT OF THE COMMUNITY, AS HAS BEEN THE CASE IN PARLIER INSTANCES.

THE SALE OF THE COMMEMORATIVE COIN SETS WILL BE LAUNCHED PUBLICITY CAMPAIGN IN JANUARY NEXT YEAR.

BY A

/5