New Zealand will start to circulate banknotes with an altered design next year, as concerns for fraud have moved the Reserve Bank to take further precautions in combatting money laundering and forgery schemes.
The Reserve Bank of New Zealand says that With technology evolving, “it’s important our banknotes keep up, to help ensure counterfeiting levels remain low. It has been fifteen years since the notes were last upgraded.”
This redesign will be the first change to New Zealand’s currency since 1999. The new notes will chiefly have a brighter appearance but will present the same images as the current banknotes while featuring enhanced security measures.
As spending patterns have shifted to a cash-driven economy, the New Zealand Dollar is likely to enjoy a promising future ahead, as a gradual roll-out is being scheduled for the new notes in 2015 and 2016. The Reserve Bank has also launched a website dedicated to keeping consumers, retailers and industry up to speed with the scheduled changes and says that the new banknotes will also have features to help the visually impaired.
The new notes will be printed in Canada and circulated alongside the current banknotes, which will be phased out through banks and other financial institutions.