September 2003

ZAMBIA

The Canadian Bank Note Company has signed an agreement with the Bank of Zambia for the printing of two denominations of Kwacha bank notes in polymer, a plastic material.

The venture marks the first polymer bank notes to be issued in Africa and an increasing global acceptance of the material as a new and advanced bank note technology.

Polymer substrate is playing a new key role in shaping the future of bank notes. We have developed the necessary technology to include polymer in our product offering,” Canadian Bank payments systems head, Hutch Holton, said.

Holton said the bank notes were ideal for the countries that need the highest level of security and whose life span is affected by climatic conditions.

Polymer bank note substrate is a uniquely manufactured and coated, thin, resilient plastic material that offers a significantly longer circulation for bank notes than traditional paper-based notes.

December 2003

VIETNAM

AUSTRALIAN TECHNOLOGY HELPS MODERNISE THE MONETARY SYSTEM OF VIETNAM
On 17 December 2003 the State Bank of Vietnam issued new 50,000 and 500,000 dong polymer banknotes. At a press conference held by the State Bank, Governor Le Duc Thuy said that Vietnam decided on the change “to make the money structure more reasonable and to better fight against counterfeits”. He also said the new Australian made polymer based notes were more durable, and to demonstrate he dipped one banknote into a glass of water. “People selling vegetables and fish in the market will be very happy with this money.” he added to the amusement of those present.

As one of the fastest growing economies in South East Asia, Vietnam commenced its “doi moi” economic “renovation” in 1986 shifting from a centrally planned to a more market driven economy. The introduction of polymer banknotes in Vietnam is a significant contribution to the reformation of the banking and monetary system. The population of Vietnam is approximately 80 million people.

The polymer banknote technology adopted by Vietnam is that which forms the basis of the Australian currency notes jointly developed by the Reserve Bank of Australia and the Commonwealth Scientific & Industrial Research Organisation of Australia (“CSIRO”). Since 1996 the technology has been marketed as Guardian®; by Securency International Pty. Ltd., a joint venture equally owned by the Reserve Bank and UCB S.A, a Belgian multi national.

Following several years evaluating polymer bank notes the State Bank of Vietnam Banknote Printing Plant conducted a trial printing in Vietnam in 2001. The results were very good and clearly showed the Vietnamese that polymer banknotes were worthy of further consideration. The Bank then conducted a “due diligence” programme by independently surveying a number of major central banks in countries where polymer banknotes are in circulation.

Introducing the polymer technology to Vietnam included the printing of a number of Vietnamese banknotes in Australia in order to train the Bank’s printers. Further training of Vietnamese banknote printing specialists was undertaken in Vietnam by Australian experts. All printing is now being conducted in Vietnam on Guardian®; substrate manufactured by Securency International.

Securency International Managing Director, Mr. Myles Curtis said, “the State Bank conducted a most rigorous examination of our technology which in reality took some years. We have been committed to this project for some considerable time and we are absolutely delighted at the results which clearly demonstrate the excellent relationship that Australia has with Vietnam. The people we have been working with in Vietnam have been very professional, very well trained and are very good at what they do.” Mr Curtis acknowledged the important role Austrade has played and added “ one should not underestimate the extremely high level of trust and integrity that must be established before a project like this can even be considered. As in all the countries we are working in, the support we received from the Embassy and the Department of Foreign Affairs and Trade has been extremely helpful”.

Guardian®; substrate is now used in the banknotes of more than 20 countries worldwide.

November 2003

PAPUA NEW GUINEA

NEW K5 AND K20 KINA COMMEMORATIVE BANKNOTES FOR THE 30TH ANNIVERSARY OF THE BANK OF PAPUA NEW GUINEA.
The Bank of Papua New Guinea is pleased to announce the release of the new K20 note to commemorate its 30th Anniversary on 01 November 2003. The K20 note will circulate with other notes as legal tender from Monday 03 November 2003. A commemorative K5 will also be released to circulate with other notes as legal tender early in 2004.
The new K20 note has been converted from paper to polymer, incorporating advanced security features to protect the note from counterfeiting. The polymer note retains the design elements of the original K20 paper note.

SECURITY FEATURES: FRONT
Complex Clear Window which incorporates a vignette of the logo on the Bank of Papua New Guinea. A Shadow Image of the Bank of Papua New Guinea logo which is visible when the note is raised to a light. The numeral '20' is embossed in the clear window.
Overprint commemorating the 30th Anniversary of the Bank of Papua New Guinea as you tilt the note at certain angles, the intensity of the bright gold decreases to a pale gold.

SECURITY FEATURES: BACK
Complex clear window which incorporates a vignette of the logo of the Bank of Papua New Guinea. A Shadow Image of the Bank of Papua New Guinea logo which is visible when the note is raised to a light.