Bank note revamp considered

HAMISH RUTHERFORD
Last updated 10:07 30/06/2011
IRD-NZ dollars
STALE NOTES? The current series of bank notes was introduced in 1999.
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The Reserve Bank is to begin planning for a new series of bank notes, potentially immortalising a new series of New Zealanders.

Head of communications Mike Hannah said no decision had been made on whether the current series of notes would be redesigned, although he confirmed that the central bank is planning a press conference in the coming weeks to discuss a review of the current notes.

A fundamental redesign was ''an option'' Mr Hannah said.

In its annual statement of intent for 2011-2014, the bank said it would soon begin planning for a new series of bank notes, series 7, which would include adding new security features to prevent counterfeit.

The current series of bank notes was introduced in 1999, when New Zealand's bank notes moved from paper made from cotton, to polymer propylene.

The change saw the fundamental design of the notes remain the same as the previous series, which included Sir Edmund Hillary and Kate Sheppard, which was introduced in 1991 and 1992.

The Reserve Bank indicated a key part of the review would be the condition of $5 notes which in many cases ''does not meet the public's expectations'' in terms of quality.

While a decision on the design of New Zealand's bank notes rest solely with the Reserve Bank, Mr Hannah said the bank would ''of course'' consult on any changes.

The first new notes are scheduled to be introduced in late 2014.

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- BusinessDay.co.nz

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