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Recent trends and developments in currency

Kristin Langwasser

The Reserve Bank has the sole right to issue New Zealand's currency; that is, the bank notes and coins we use every day. Maintaining the supply, quality, and integrity of the currency is one of the Reserve Bank's core functions. To do this, the Reserve Bank closely monitors trends in the demand for notes and coins. We undertake banknote processing both to maintain the quality and to check the authenticity of notes in circulation. This article describes the recent trends and developments in New Zealand's currency. In particular, the article reports on trends in the use of currency in connection with the Reserve Bank's currency function and goals. Section 2 shows that currency in circulation has been steadily growing. Section 3 reports on the Reserve Bank's note processing activity and bank note quality while section 4 takes an in-depth look at counterfeiting activity in New Zealand and the different ways of measuring counterfeiting. Coin issuance and the return of obsolete currency held by the New Zealand public are discussed in section 5, and summarising comments are made in section 6. The appendix at the end of the article describes New Zealand's out-dated currency.