New security features of NBP’s banknotes as of April 2014
The National Bank of Poland ordered the Polish Security Printing Works (PWPW S.A.) to print general circulation banknotes with modernised security features. Graphic designs of banknotes will not change, and banknotes incorporating new security features will be put into circulation in April 2014. For security reasons, detailed information and banknotes with new security features will be presented in September 2013.
The “Polish Monarchs” series of banknotes, designed by Andrzej Heidrich, which is now in use, was introduced into circulation in 1995. For the first time in 18 years, the NBP will conduct a technical operation which involves changing security features of this series of banknotes. Such measures are undertaken by central banks in regular intervals – on average every 8 years. In 2013, the European Central Bank will modernize the euro banknote. New security features were also introduced by Spain – 7 years and Slovenia and Estonia – 3 and 4 years before the entry into the euro area.
- Security features and the system of currency supply, introduced in 1995, operate faultlessly, and cash fraud in Poland is at a low level. Yet, technological progress observed in the past few years, requires the central bank to conduct a technical operation involving modernization of banknotes in general circulation. It is aimed to enhance security of cash transactions in the coming year – says Mr. Marek Oleś, Director of the Cash and Issue Department at the NBP.
Banknotes incorporating modernized security features will be put into circulation gradually as part of standard operations of providing banks with cash and withdrawal of worn-out or damaged banknotes. Lower value banknotes are withdrawn from circulation after an average of 18 months of use, and higher value banknotes – after several years.
- Change of security features on banknotes is a purely technical operation. Banknotes with modern security features will be gradually put into circulation starting from April 2014, which means that not a single banknote incorporating new security features will be available before this date. All banknotes currently in use will remain legal tender for an indefinite period – adds Mr. Marek Oleś.
In January 2014, the NBP – in cooperation with the Polish Security Printing Works (PWPW S.A.) - will launch a nationwide information campaign “Safe Money” concerning new security features on Polish banknotes. Under this campaign, the NBP will distribute a free-of-charge application NBP Safe for mobile devices presenting new security features of Polish banknotes and coins and the up-to-date currency exchange rates table of the NBP.
The National Bank of Poland is the key banking institution in Poland, protecting price and monetary policy stability. Its functions are defined in the Constitution of the Republic of Poland and the Act on the NBP. The NBP has the sole right to issue money and manage the country’s foreign exchange reserves. It performs the function of the bank of banks creating the conditions for the functioning of the banking system in Poland and taking care of its stability. It is a central bank and as such does not hold any accounts for the general public but provides banking services to the Treasury, making cash settlements for central and local government institutions such as courts or fiscal offices. It is the leading analysis and research centre in Poland. It supports the economy in the areas defined in the Act on the National Bank of Poland.
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