Malaysia Prime Minister, Datuk Seri Najib Tun Razak in Dewan Rakyat today said Bank Negara Malaysia (BNM) did not face loss for printing mistake by banknote printer. Najib, who is also Finance Minister, said this was because under the purchase order agreement, signed by the central bank and the company selected to manage the printing, the company was responsible for any problems arising during printing.
"The print on the banknote which appeared blur or bleached when washed with a detergent or heavy bleaching agent was due to the printing.
"The company is responsible for the cost, payment or any other liability arising from the failure of the company to carry out the printing contract given to it," he said in his written reply to a question from Wee Choo Keong (Independent-Wangsa Maju) at the Dewan Rakyat sitting Tuesday.
Wee wanted to know the details of the losses the central bank had to bear due to the mistake in the printing of the Malaysian banknotes.
On the contract for the supply and printing of the currency notes, Najib said BNM dealt directly with only highly reputable currency note printers who met the tight conditions set out by BNM's board of directors.
"Among the conditions include a sound financial status, expertise, experience, quality of service, capacity and print technology capabilities.
"All matters such as price quotations, payment and the management of delivery must be discussed directly with company without the use of a broker or agent," he said.
Najib said the central bank also always monitored the cash flow status in the market to ensure that there is sufficient supply of banknotes to meet the needs of the people.
"Bank Negara also takes into view the high demand for fresh banknotes for use during the festive season and ensures that this high demand is fulfilled with the supply of sufficient stocks of banknotes," he said.
"The print on the banknote which appeared blur or bleached when washed with a detergent or heavy bleaching agent was due to the printing.
"The company is responsible for the cost, payment or any other liability arising from the failure of the company to carry out the printing contract given to it," he said in his written reply to a question from Wee Choo Keong (Independent-Wangsa Maju) at the Dewan Rakyat sitting Tuesday.
Wee wanted to know the details of the losses the central bank had to bear due to the mistake in the printing of the Malaysian banknotes.
On the contract for the supply and printing of the currency notes, Najib said BNM dealt directly with only highly reputable currency note printers who met the tight conditions set out by BNM's board of directors.
"Among the conditions include a sound financial status, expertise, experience, quality of service, capacity and print technology capabilities.
"All matters such as price quotations, payment and the management of delivery must be discussed directly with company without the use of a broker or agent," he said.
Najib said the central bank also always monitored the cash flow status in the market to ensure that there is sufficient supply of banknotes to meet the needs of the people.
"Bank Negara also takes into view the high demand for fresh banknotes for use during the festive season and ensures that this high demand is fulfilled with the supply of sufficient stocks of banknotes," he said.
Source: Bernama.
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