Spiralling demand for polymer currency
 

06.10.00

Bangladesh is the latest in a growing number of countries rushing to introduce, technologically advanced polymer banknotes because of their superior cost effectiveness, durability, cleanliness and security. This Australian developed technology offers substantial economic and environmental benefits over conventional cotton based paper banknotes. Note Printing Australia, a subsidiary of the Reserve Bank of Australia, recently signed an agreement with Bangladesh Bank to transfer its world leading technology for the supply of the new polymer notes from early next year.

The agreement is another chapter in a global success of polymer since it was first introduced to the Australian market in 1988. Note Printing Australia has already produced polymer banknotes for New Zealand, Indonesia, Malaysia, Brunei, Singapore, Thailand, Sri Lanka, Papua New Guinea, Western Samoa and Kuwait and, most recently, Romania.

Bangladesh represents a very significant step in the international adoption of polymer currency since, with the population of more than 140 million, it is the eighth largest country in the world. This move further signifies recognition that the traditional paper notes are adversely affected by the high humidity. This and other climate conditions, that Bangladesh shares with several other regions around the world, dramatically demonstrates the superiority of polymer currency. With their protective overcoat, the new polymer 10 taka bills will remain impervious to moisture and resist water, sweat, oils and other contaminants and remain fresh up to five times longer than conventional paper banknotes. The polymer notes are also much more hygienic than paper as they do not carry as much bacteria as the traditional paper banknotes.

Several years' experience in Australia has demonstrated that Australian $5 polymer note has a life of 40 months compared to 6 months for the paper note it replaced. High level of durability means countries adopting polymer technology will need to reprint their banknotes only one fifth as often. This means considerable cost savings in re-ordering, processing, withdrawal and disposal.

As pressures on waste disposal around the world increase, the durability of polymer notes will prove an environmental blessing and, at the end of their long life, the notes can be converted into plastic compost and garbage bins, plumbing fittings and many other useful household products.

Increased security is another advantage of polymer notes. Advances in digital technology pose an increasing threat to traditional currencies around the world. Polymer notes are best equipped to meet this threat through the incorporation of advanced security features including clear windows, permanent and variable shadow images, embossing, translucent patches as well as self-authenticating features for the benefit of the public.

John Leckenby announced Note Printing Australia's agreement with Bangladesh Bank at a press briefing in Dhaka. He said Note Printing Australia not can only design and print polymer currency but also provides extensive service to enable total technology transfer including educating staff and public in adoption of this new technology. For a country with climatic and economic conditions of Bangladesh, the technology transfer model not only makes the supply of notes more economic, but the adoption of this state-of-the-art capability becomes a valuable addition to their expanding industrial bases. The age of polymer banknotes is firmly established, and Note Printing Australia is ready to take this remarkable technology to the world.

For more information and relevant electronic images of polymer currencies contact: Chief Executive Note Printing Australia