XN000022-1995-03-29 — Page 96

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Circulation of ten-dollar coins

Following is a question by the Hon Allen Lee Peng-fei and a written reply by the Secretary for Financial Services, Mr Michael Cartland, in the Legislative Council today (Wednesday):

Question:

With regard to the circulation of ten-dollar coins in the territory, will the Government inform this Council:

(a)

(b)

(c)

(d)

of the respective amounts of ten-dollar coins and ten-dollar bank notes in circulation;

whether the Government has set a timetable to demagnetise the ten- dollar bank notes; and how the Government will cope with the situation in which the public hoard up ten-dollar bank notes for use in 'lai-see' packets during the Chinese New Year, which will cause delay in the recovery of such bank notes;

whether the Government will consider amending the relevant provisions in the Coinage Ordinance stipulating the limit on the amount of coins which may be used as legal tender in view of the issue of ten-dollar coins; and

whether the Government is aware of the public's general dislike of ten- dollar coins; and whether consideration will be given to the concurrent issue of ten-dollar coins and banks notes so as to conform with the public's preference?

Reply:

(a)

There is a total of approximately $5,630 million in ten-dollar notes and coins in circulation, comprising $730 million ten-dollar coins and $4,900 million ten-dollar notes.