Bank Negara Malaysia, announces today that currency notes of RM500 and RM1000 denominations will be demonetized and shall cease to be legal tender effective 1 July 1999. Members of the public should continue to accept the RM500 and RM1000 currency notes at full face value up to 30 June 1999. During this period, members of the public are encouraged to exchange the RM500 and RM1000 currency notes for lower denominations or deposit them at all branches of commercial banks, finance companies, Bank Islam Malaysia Berhad and Bank Simpanan Nasional within Malaysia. For holders of RM500 and RM1000 currency notes abroad, appropriate arrangements are being made to facilitate the exchange of these currency notes.