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The Reserve Bank of New Zealand has advised it will introduce new banknotes next year which will be modernised with advanced security features.

The banknotes will continue to have a polymer substrate, will remain the same size and will continue to use the same denominations. The changes will be seen in the banknote designs, but they will still use the flora and fauna theme currently used in circulating banknotes.

“While other means of payment keep growing, cash remains in strong demand, and we need to keep it current and viable for its users.”

“Security features and the technology for designing and printing banknotes have advanced considerably since the current banknote series was first issued in the early 1990s. While counterfeiting rates in New Zealand are low compared to the rest of the world, we need to stay one step ahead of the game.” Mr Geoff Bascand, Deputy Governor and Head of Operations, Reserve Bank of New Zealand

The new series will be designed and printed by the Canadian Banknote Company.

“CBNC has a strong reputation for technologically advanced printing, and the Bank has confidence that it will deliver high quality banknotes which New Zealanders can continue to identify with and trust. CBNC currently manufactures New Zealand’s passports and prints the Bank of Canada’s banknotes” Mr Geoff Bascand

The Reserve Bank expects to release the ‘near final’ banknote designs in November 2014.

To see the full release by the Reserve Bank of New Zealand, click here.

Source: Reserve Bank of New Zealand