Tue, 21 October
10.1 C
Yerevan
USD: 383.01 RUB: 4.73 EUR: 446.28 GEL: 141.40 GBP: 513.50

Britain’s most common banknote goes plastic

YEREVAN, August 2. /ARKA /. Britain’s next £20 note will be printed on plastic in a move designed to make the UK’s currency more secure and durable, Reuters reported.

The new £20 design will be the third banknote to be printed on polymer, the Bank of England announced on Wednesday, following a 10-week public consultation that showed 87pc of respondents were in favour of the change. The new note is expected to enter circulation by the end of the decade.
The Bank announced in December 2013 that the next £5 and £10 banknotes would be printed on polymer.

The new polymer £5 note featuring former prime minister Sir Winston Churchill will be issued in autumn 2016. Victoria Cleland, the Bank’s chief cashier, said that De La Rue, which is in charge of the contract, will start printing the new notes this month.

The £10 polymer note featuring author Jane Austen is expected to enter circulation in 2017. The £20 note is Britain’s most common tender, with around 1.9 billion in circulation at the end of February, compared with 737 million £10 notes, according to Bank data. Ms Cleland said the switch to plastic would help to reduce fraud and ensure banknotes were more durable.

“Experience from central banks that have issued polymer banknotes has been positive. Canada, for example, has seen a real reduction in counterfeit levels since launching its polymer series a few years ago. Polymer is also cleaner and more durable, leading to better quality notes in circulation,” she said in a speech in Bristol.

The Bank is yet to decide whether it will print £50 polymer notes. Earlier this year, Mark Carney, the Bank’s governor, asked the public this year to nominate the face of the next £20 note. The historical figure, who should “celebrate Britain’s achievements in the visual arts”, will be unveiled next spring. -0-

spot_img

POPULAR

Ranking of the most profitable banks in Armenia based on results of second quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the second quarter of 2025.

Net loan portfolio of Armenian banks in Q2 2025 increased by 6.11% to AMD 6.8 trillion

The combined loan portfolio of 17 Armenia-based commercial banks upped  by 6.11% in Q2 2025 compared to Q1 2025, amounting to AMD 6.82 trillion, according to a ranking compiled by  the ARKA news agency.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Armenia is experiencing an investment boom: opportunities, barriers and main misconceptions

Armenia's investment market is experiencing a period of active development: the number of issues is growing, digital technologies simplify access to financial instruments.

Moody’s upgrades Converse Bank’s ratings

Moody's Ratings has upgraded Converse Bank CJSC's long-term local and foreign currency bank deposit ratings to Ba3 from B1, aligning the Bank’s rating with Armenia’s sovereign rating.

LATEST NEWS

spot_imgspot_imgspot_img