Reserve Bank governor Alan Bollard launched the project to upgrade New Zealand's bank notes today, which would update all five notes currently used – $5, $10, $20, $50, and $100 notes.
Famous faces on the notes would not be changed, Bollard said.
The Reserve Bank commissioned Nielsen in 2010 to survey the public on their perceptions of the notes, finding they were generally satisfied with the colours, design and themes of the existing notes, and were happy with the range of notes.
“However we are planning to modernise the designs as modern printing techniques will allow us to give the notes a new look,” Bollard said.
Central banks around the world generally upgraded their bank notes every 10 to 15 years, Bollard told a media conference. Upgrades were implemented to stay ahead of counterfeiters.
“This upgrade will ensure our bank notes benefit from the technical advances that have been introduced in bank note security over the last 12 years,” Bollard said.
New notes would be progressively introduced from 2014 at the earliest and co-circulated with existing notes, Bollard said.
- INTEREST.CO.NZ
