commercial banks from october 13 of this year. let me put this process in its bigger prospective. we decided back in 2002 to review our entire currency – both notes and coins. we decided to work on the notes first and this culminated last year when we issued the new currency banknotes including the one hundred dollar note. i am glad to say that the new paper currency has been widely accepted by the people of fiji. the use of the one hundred dollar bill was much more rapid than the fifty dollar bill when it was first introduced. today marks the completion of the whole currency review with the launch of the new series of coins. the entire journey has taken us about 7 years. we are pleased with the results so far. i am confident that the country will also accept the new coins that we are launching today. unlike banknotes, changing our coins is a much more complex process. the logistical issues are many. for instance, when we stop issuing the one and two cents, there was a rush to return these coins to the commercial banks even though they are still legal tender. we have, up to now, collected around 120 tons of one and two cents. this is a lot of weight to transport. it also requires a lot of space to store 120 tons of coins. as we collect more old coins, these logistics will intensify. cabinet approval i wish to assure everyone that we have obtained the necessary approval under the law. under the reserve bank of fiji act, only the approval of the minister for finance is required before we can change our currency either they be notes or coins. we have kept the minister and cabinet fully informed of the progress throughout this currency review. we sought and obtained cabinet ’ s approval of the new coins and the cessation of the one and two cents on 11 march 2008. minting in march this year, the board awarded the tender to the royal canadian mint for the production of a five year supply of our new coins. the contract is valued at approximately 7. 8 million fiji dollars ( us $ 4. 2 million ). royal canadian mint has minted fiji coins in the past and is recognised as one of the leading and innovative mints in the world. we are extremely happy to continue this association with the royal canadian mint. how much will it save fiji? our new coins will be on average nine ( 9 ) percent smaller, forty three ( 43 ) percent lighter, and twenty one ( 21 ) percent thinner. how much savings will we get from

- induced demand structure. impact of demographic changes on labor productivity i have already noted that the growing demand for services brings in a greater number of workers engaged in the nonmanufacturing sector. however, this may lower the level of labor productivity for the whole economy. this reflects the fact that, as in japan ( chart 10 ), the level of labor productivity per employed worker tends to be lower in the nonmanufacturing bis central bankers ’ speeches than in the manufacturing sector. this is mainly due to the nonmanufacturing sector being more labor - intensive and more regulated while having limited opportunity for exercising economies of scale. of course, it is possible to raise labor productivity in the nonmanufacturing sector in such ways as intensifying the use of information and communication technology ( ict ), improving the quality of services, offering innovative services that stimulate potential demand, and promoting competition through deregulation. however, the fact that the nonmanufacturing sector tends to produce lower labor productivity than the manufacturing sector is a globally observed phenomenon. a low level of labor productivity and sluggish growth could be referred to as the baumol effect, which focuses on limited growth in productivity in certain nonmanufacturing sectors ( public services, such as public hospitals and public colleges ). thus, population ageing may affect economic growth not only directly through a reduction in the working - age population and employment ( as indicated by the labor force effect in chart 4 [ 3 ] ), but also indirectly through a constant decline in labor productivity caused by a continuous demand shift – as illustrated by the per worker growth effect in the same chart. katagiri ( 2012 ) demonstrated that the decrease in labor productivity, together with a rise in the structural unemployment rate, contributed to the lowering of japan ’ s real gdp level. as for the future, the ratio of nonmanufacturing to manufacturing workers ( and the ratio of value added in the nonmanufacturing sector to gdp ) is projected to rise constantly ; thus, the downward pressures on labor productivity may be further enhanced ( sakura et al. [ 2012 ] ). possible impact of demographic changes on the financial asset structure according to the previously mentioned life - cycle investment hypothesis of bakshi and chen ( 1994 ), investors gradually shift from housing investment to financial investment for retirement as they get older. these authors showed that when people of the baby - boom generation reached the stage where they changed their asset composition from housing investment to