The Reserve Bank is to begin planning for a
new series of bank notes, potentially immortalising a new series of New
Head of communications Mike Hannah said no
decision had been made on whether the current series of notes would be
redesigned, although he confirmed that the central bank is planning a
press conference in the coming weeks to discuss a review of the current
A fundamental redesign was ''an option'' Mr Hannah
In its annual statement of intent for 2011-2014, the
bank said it would soon begin planning for a new series of bank notes,
series 7, which would include adding new security features to prevent
The current series of bank notes was
introduced in 1999, when New Zealand's bank notes moved from paper made
from cotton, to polymer propylene.
The change saw the
fundamental design of the notes remain the same as the previous series,
which included Sir Edmund Hillary and Kate Sheppard, which was
introduced in 1991 and 1992.
The Reserve Bank indicated a
key part of the review would be the condition of $5 notes which in many
cases ''does not meet the public's expectations'' in terms of quality.
While a decision on the design of New Zealand's bank notes
rest solely with the Reserve Bank, Mr Hannah said the bank would ''of
course'' consult on any changes.
The first new notes are
scheduled to be introduced in late 2014.