(From left) Muhammad Ibrahim, Mah and Lee at the launch of the commemorative coins.

01/08/2017 (The Star) - Bank Negara Malaysia (BNM) is issuing commemorative coins to celebrate the 100th anniversary of the Malaysian palm oil industry.

The central bank said Malaysia is one of the world’s largest producer and exporter of palm oil and the industry played a crucial role in the country’s exports and the economy.

“The palm oil sector has contributed significantly to the cumulative export earnings for the country, through the export of the commodity and many value-added products to the global market,” it said in a statement.

BNM said the industry also contributed to job creation and enhanced the welfare and living standards of many in the rural areas within the country.

The commemorative coins were launched by Plantation Industries & Commodities Minister Datuk Seri Mah Siew Keong at BNM’s Museum and Art Gallery at Sasana Kijang.

Also present were BNM governor Datuk Muhammad Ibrahim and Malaysian Palm Oil Council chairman Datuk Lee Yeow Chor.

“It is often overlooked that Malaysian palm oil has almost single-handedly changed both the global vegetable oil and oleochemical markets.

“The work undertaken by Malaysia since the 1970s in terms of research, product development, branding, promotion and marketing, has established the foundations of a thriving industry.

“This year we are expecting the export revenues to hit RM70bil due to favourable higher prices and demand," said Mah.

On the commemorative coins, Mah said that as the most renowned banking institution in the country, recognition from BNM towards the contribution of Palm Oil Industry to Malaysian economy is highly prestigious.

In 2007, BNM has featured oil palm on its new design of RM50 as Malaysia's thriving economy icon.

This latest recognition from BNM validated MPIC’s big aspiration that the oil palm industry would remain an important pillar to Malaysian economy for the next 100 years, said Mah.

The coloured silver commemorative coin (proof) is made of fine silver with 99.9 purity and weighs 31.10g. It has a face value of RM10 and will be sold at RM230 a piece. The mintage quantity is 700 pieces.

The nordic gold brilliant uncirculated commemorative coin has a face value of RM1 and will be sold at RM10 each. The mintage quantity is 13,000 pieces. The prices are subject to 6% GST.

BNM said the commemorative coins were also available in sets of two comprising the coloured silver and nordic gold proof coins. The set will be sold at RM280 per set (price is subject to GST of 6%) with 1,300 sets available.

The coins, will be available for public viewing at BNM’s Museum and Art Gallery and its offices in Penang, Johor Baru, Kota Kinabalu, Kuching and Kuala Terengganu. The coins will be available for sale from Aug 9, at the same locations.