, i wish to also assure the public that the development of the $ 100 bank note has ensured security features that effectively reduce any chance for counterfeiting. the new note carries added visible security features that can be easily seen without the need for a machine. it incorporates additional security to both the paper and print specifications. as noted already, all our currency denominations have different themes. the bank notes portray various themes and features of solomon islands. this time the new $ 100 bank note carries the theme of the rural sector and its contribution to the national economy. portrayed by the coconut, this signifies rural livelihood, social and economic activities. the central bank is thrilled that today ’ s launching coincides with the world coconut day event. the $ 100 bank note is a commemoration of the labour and contribution by all our farmers, fishermen, men, women and children in rural villages through our country. despite all odds, you have demonstrated resilience and commitment year in year out just getting on with life. we salute you! finally, before i forget, the central bank has also revised the $ 2 bank note back to paper note. this is due to the disappointing experience we have with the polymer, a polypropylene plastic. while the plastic is durable, as you will all have experienced, the colour does not survive its expected life in circulation, which is costly to the economy. the cbsi board has therefore decided to revert back to the old paper note. so this morning we also have the revised $ 2 bank note, which has all the normal features except the addition of the national flag, for re - launching. ladies and gentlemen, let me say again that i am very grateful that are able to come – and we at the bank are especially honoured by your presence of the hon minister for this morning ’ s event. thank you and may god bless you.

rick houenipwela : launching of solomon islands new and revised bank notes remarks by mr rick houenipwela, governor of the central bank of solomon islands, at the launching of solomon islands new $ 100 bank note and the upgraded $ 2 bank note, honiara, 2 september 2006. * * * hon minister of finance hon ministers of the crown hon leader of the opposition group hon members of parliament heads and representatives of diplomatic missions chairman, cema heads & representatives of financial institutions ladies & gentlemen on behalf of the board of directors, the management and staff of the central bank, i am very pleased that you have accepted our invitation to this morning ’ s event - the launching of the solomon islands $ 100 bank note and the revised $ 2 bank note. at its introduction in april 1977, the national currency comprised of $ 2, $ 5 and $ 10 in bank notes ; and in coins denomination there was 1cent, 2cents, 5 cents, 10 cents, 20 cents and $ 1 nguzunguzu. the $ 20 bank note came in 1980, and six years later the $ 50 bank note was introduced. as regards coins, the 50 cents was the last introduction in 1988. currency development is important the development of any sovereign country. for solomon islands, currency plays more than its traditional role as a medium of exchange. as i will discuss later, it has socio - economic dimensions to its use and purpose. but we do not print notes or mint coins at the whim of the governor of the central bank. as a member of the global family of currency issuers, the central bank observe the internationally accepted principle that the highest value denomination should account for not more than 20 % of the number of notes in circulation and not more than 60 % of the value of the notes in circulation. in solomon islands currency development is influenced by various socio - economic factors. for example, in developing this high - value denomination we considered a variety of factors including the size and distribution of the population, trends in volumes and types of trading activities, wage levels, various means of payment, different mediums of cash disbursement, availability of banking facilities, inflation and the general economic situation in the country. as well, assessments of the demand on each denomination have to be done, and these showed an over reliance [ 83 % of total currency in circulation ] on the $ 50, indicating the need for a higher denomination. but equally important is the need to ascertain