Polymer adoption stalls in 2023

Only two benchmark respondents have concrete plans to change substrate

Paper remains the dominant substrate in banknote production, and few central banks have immediate plans to make changes.

Only four central banks represented in the Currency Benchmarks 2023 (13%) solely issue polymer banknotes. This is a decline from the Currency Benchmarks 2022, in which five central banks reported using polymer only.

Thirty-one central banks responded to the questions on substrate use this year. Of these, six were eurozone members, leaving 26 currencies between the

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