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New Zealand's most recent notes, known as Series 7, are taking longer to completely replace the Series 6 notes, as the national currency remains in circulation longer than expected.
circulating in October 2015, with the $ 20, $ 50 and $ 100 notes issued the following year in May 2016. They were designed to replace the sixth series of bank notes, issued in 1999, and all have two legal courses.
Zealand regularly replaces banknotes with new models to counteract counterfeiting, adding more complex security features such as a color hologram, raised ink and other hard-to-replicate innovations . When the old tickets are returned to the Reserve Bank, they are removed from circulation and the new notes are distributed instead.
Governor of the Reserve Bank Adrian Orr said that the transition to the new notes was progressing more slowly than expected.
"Six is being destroyed at a slower pace than maybe what we thought while seven are moving at a slower pace," he said. "I think a lot of currencies are coming out and staying extinct."
The central bank has just completed a research program on the wider currency cycle and found that the majority of New Zealand's liquidity "A lot of the money that exists does not necessarily come back, it thus serves as a storehouse of wealth and means of exchange in other countries, "he said. Although this is a sign of confidence in our motto, he left open the question of what it was used for, he said.
While Series 6 is easier to counterfeit than Series 7, it does not mean easy, says Orr. The 6 Series was state of the art, the first of New Zealand's notes to be printed on polymer, improving durability and allowing windows to be included as an improved security feature.
Counterfeiting Attempts It looks like someone has rolled a streamer and coloring pens after drinking a beer in a nightclub early in the morning, he says.
"You think, would anyone accept this as a note?" He added that New Zealand had a very low counterfeit rate by world standards.
Still, upgrades will need to be made more frequently in the future to keep up with the evolution of technology.the notes are more durable, the technology can continue to catch up, so it is a real challenge to we, "he said.
Part of the Reserve Bank's research focused on forecasting future demand for liquidity, despite the increased use of electronic payments, the amount of physical currency in Traffic continues to grow each year as the economy grows and as people still like to have something tactile, especially as a result of events such as earthquakes. present time, and likewise the life of many these crypto-currencies, "said Orr.
Cryptocurrency does not tick boxes that require it to be a means of exchange, a stock of value and a unit of account While the Reserve Bank is open to the future she would not rush to be a leader in the adoption of a central bank cryptocurrency, he said.
(BusinessDesk)
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