Central Banking

New Zealand prepares to overhaul banknotes

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The Reserve Bank of New Zealand announced on Thursday that planning to upgrade New Zealand’s banknotes is under way.

Reserve Bank governor Alan Bollard said the project will involve updating all five denomination notes – the NZ$5 ($4.3), NZ$10, NZ$20, NZ$50 and NZ$100.

The primary objective of the overhaul is to improve security features. The current series of banknotes was released between 1999 and 2000, when New Zealand moved to polymer-based notes.

Bollard said this latest upgrade "will

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