Good Practice in Banknote and Currency Management
01 - 01 Jan, 1970
To Be Determined;
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.
By the end of the course, 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
This course is designed to equip central bankers to meet these challenges.
- 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 central banks
- Discussion: How can currency managers harness technological innovation?
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
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?
Currency management: a risk assessment
- Overview of risk management concepts
- Risks and incidents that can threaten the business continuity of cash and issue departments
- Risk assessment, contingency planning and crisis management
- Case studies for discussion
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?
Anti-counterfeiting and education strategies - case study
- Key features of modern central bank cash management methods
- Innovative approaches to the selection of banknote security features: counterfeit analysis
- Tips for central banks to best equip citizens to identify and report counterfeits
- Case study: approaches to counterfeit deterrence
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
Engaging. Storytelling. Developing visual content for new bank notes
- Opportunity to reflect national culture, values and aspirations in bank note design.
- Engaging stakeholders throughout the design process.
- Creating meaning through storytelling and thematic planning.
- Visual content as a key contributor to confidence and pride.
- Discussion: What stories do your bank notes tell? How are they meaningful?
Financial inclusion and the future of cash in Spain
- Use of cash as a means of payments
- The digital gap and the risk of financial exclusion
- Access to cash infrastructure
- Cash acceptance
- Access to cash vulnerability
- Initiatives to guarantee 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
Concluding session led by the chair
- 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