What are the long-term lessons from the Covid-19 pandemic around cash demand – and usage? How are currency managers responding to the challenge of digital money? How can central banks improve the environmental, ethical and inclusive proposition of banknotes? These are some of the main challenges facing currency experts at a time of technology-driven change in banknotes and central banking broadly. In response to the fast-paced evolution in digital payments they are increasingly using technology to improve the product and services they provide. They know that better technology – as has always been the case with currency management – is the key to staying ahead of the competition. This course is designed to equip central bankers to meet these challenges. Each day will feature three hours of expert-led Live Content to maximise the opportunity to share and learn. The chair will ensure participants have opportunities to network throughout the course, with time set aside for a workshop on implementing key learnings.
- At the conclusion of the training, participants will be able to:
- • Assess the long-term effects of Covid-19 on the dynamics of cash demand
- • Understand how currency managers are responding to the challenges of digital currencies
- • Contribute to environmental, sustainable and ethical practices in currency management
- • Use data and analytics to understand banknote management
- • Identify ways to improve security, efficiency and inclusivity
Challenges, opportunities and threats
Course introduction session led by the chair
- Introductions and welcome from the chairperson
- Overview of the training course
- Discussion of the delegate expectations
New challenges across the currency lifecycle
- The state of the art of currency management in 2022 (and lessons from 2021)
- New roles and responsibilities facing currency managers
- Key forces and dynamics shaping the currency lifecycle
- The impact and implications of disruptive technological innovation
Digital money: are CBDCs, stablecoins and crypto assets threats or opportunities?
- Overlaps and differences between privately issued crypto assets and CBDCs
- Understanding the impacts on central banks mandates and responsibilities
- Implications for currency management
- Discussion: How can currency managers harness technological innovation to compete?
Case study: How has the currency department at the Bank of Israel addressed Covid-19?
- Assessment of cash demand pre and post Covid-19
- Examples of increase cash usage
- Long term impact of Covid-19 on cash demand
- Case study: steps taken by the Bank of Israel during Covid-19
Good practice in the currency lifecycle
Substrate choice: security, acceptability, economy and longevity
- Overview of different substrate types
- The role of the substrate in a new series planning, design and introduction
- Frameworks and indicators for the evaluation of a new substrate
- Discussion: what do you expect from a banknote substrate?
Good practice in planning and introducing a new banknote series
- Overview of the decision-making process for a new banknote series
- Lessons learned from designing and introducing a new series
- Strategies for effective engagement and communication with the public
- Discussion: new notes – what works and what doesn’t
Cash circulation, distribution and destruction: what to outsource, when and how?
- Overview of logistical realities for circulation and distribution of cash
- Tips for innovation in cash processing functions
- Examples of successfully implemented cost saving strategies
- Discussion: What to outsource, when and how?
Technological foundations and threats
Banknote analytics: building blocks and technology foundations
- Utilising cash flow data to maximize currency lifecycle
- Strategies for making the cash cycle more cost-efficient and sustainable
- Understanding migration patterns of local currency
- Practical use of banknote serial-number reading
- Discussion: How can you add value in tracking migration?
Counterfeiting technology: what are the major threats?
- Overview of banknotes and security printing trends
- Practicalities faced in designing and issuing new notes
- The art of anti-counterfeiting: resilience testing and feature selection for future series
- Dealing with counterfeit notes: detection and impounding
New realities of public engagement
- Recognising the importance of effective engagement of a number of key stakeholders
- Challenges and opportunities of engaging with stakeholders and the general public
- Tips for understanding growth and changes to communication tools to engage the public
- Discussion: what are the best and available channels to engage the public?
Considerations of financial inclusion and environmental and sustainable factors in cash
Financial inclusion and the future of cash
- Overview of the role of cash in tackling financial inclusion
- Strategies to maintain access to cash
- Implications of the decline of ATMs
- Discussion: Has the rise of fintech increased financial inclusion?
Environmental and sustainability practices: where can currency managers contribute?
- Overview of the environmental impact of banknotes
- Strategies to reduce the carbon footprint of banknote production
- Examples of production, circulation and destruction of greener banknotes
- Discussion: How can central banks contribute in greening production of banknotes?
Closing remarks and delegate action plans
- Summary of the course
- Discussion of the observed trends and case studies
- Application of learning points in the delegates’ home organisations
- Preparation of action points