11-21-2007, 11:31 PM
The emergence of twelve counterfeit 50 Pa’anga notes (total value of $600) in the country this month is a concern as this is the largest number of counterfeit notes being found in the Kingdom since 2005.
The faked pa'angas were found by the local banks and have handed them over to the Reserve Bank for further investigations with the Police Department.
According to Mr. Lata Tangimana, Accounts and Currency Manager of the National Reserve Bank of Tonga (NRBT), counterfeit bills found since 2005 included five $10 notes in September 2005 and another two $10 notes in November 2005.
He said that in 2006, two counterfeit notes were found – one $5 note in October and one $20 note in November; however, according to Tangimana the number of counterfeit notes found in 2007 has increased relative to the past two years. In January this year, one $50 counterfeit note was found and in March counterfeited $2, $5 and $20 emerged with the latest counterfeits emerging this month (November).
Tangimana said that the recent find is the largest with twelve counterfeit $50 notes being reported by the local commercial banks and he believes that there are many more counterfeit notes in circulation through the economy.
He said that counterfeit notes have no value at all and receiving them as payment for goods and services is a great loss for businesses, families and the nation as a whole as no banks will accept them.
View full story: http://www.tonga-now.to/Article.aspx?ID=4672&Mode=1
The faked pa'angas were found by the local banks and have handed them over to the Reserve Bank for further investigations with the Police Department.
According to Mr. Lata Tangimana, Accounts and Currency Manager of the National Reserve Bank of Tonga (NRBT), counterfeit bills found since 2005 included five $10 notes in September 2005 and another two $10 notes in November 2005.
He said that in 2006, two counterfeit notes were found – one $5 note in October and one $20 note in November; however, according to Tangimana the number of counterfeit notes found in 2007 has increased relative to the past two years. In January this year, one $50 counterfeit note was found and in March counterfeited $2, $5 and $20 emerged with the latest counterfeits emerging this month (November).
Tangimana said that the recent find is the largest with twelve counterfeit $50 notes being reported by the local commercial banks and he believes that there are many more counterfeit notes in circulation through the economy.
He said that counterfeit notes have no value at all and receiving them as payment for goods and services is a great loss for businesses, families and the nation as a whole as no banks will accept them.
View full story: http://www.tonga-now.to/Article.aspx?ID=4672&Mode=1