Central banks moving away from banknotes

Most of the 29 central banks participating in Currency Benchmarks 2022, published by the England-based Central Banking Institute, have no plans to issue new banknotes for the next five years.

Five central banks (17 per cent of respondents) will issue new notes in 2023 while another two banks (seven per cent of respondents) plan to issue new notes over the next two to five years.

The majority of the institutions (72 per cent) reported they have no plans for issuances over the next five years.

Canada’s next banknote issue, a redesigned vertical $5 bill from the as-of-yet-unnamed eighth series, is expected to start circulating in 2023 or 2024.

According to Currency Benchmarks 2022, the proportion of central bank currency departments with a climate strategy has declined.

Only 23.3 per cent of the currency departments at the participating institutions had a climate strategy – a decline from 2020 and 2021.

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