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. Last Updated: 07/27/2016

Malaysia Bans Big Note

KUALA LUMPUR, Malaysia -- Malaysia's highest currency notes will be worthless after July 1 as part of sweeping capital controls introduced last year, the central bank said Monday.

Paper money denominations of 500 ringgit ($130) and 1,000 ringgit ($260) "will be demonetized and shall cease to be legal tender,'' the bank said in a statement issued as a reminder to the public.

Before the July 1 deadline, the notes can be exchanged for bills of lower denominations at central bank offices, commercial banks and finance companies.

Malaysia announced last year that large notes would be phased out to prevent smuggling of the ringgit.