30 Jun 2011

New look planned for banknotes

1:21 pm on 30 June 2011

New Zealand's banknotes are set for a revamp.

The current polymer banknotes are 12 years old, and the Reserve Bank says it is time to develop a new series incorporating the latest high-tech security features.

That would reduce the chances of counterfeiting, though it says the rate of counterfeiting in New Zealand is very low by international standards.

The bank says the quality of many $5 notes is not up to scratch.