The CNB s role in maintaining money circulation
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1 The CNB s role in maintaining money circulation The new CZK 1000 banknote Pavel Řežábek Chief Executive Director and Member of the Bank Board of the CNB 21 March 2008
2 Structure of the presentation Introduction The role of the CNB 1 Money circulation 2 The CZK 1000 banknote in circulation 3 Protective elements of banknotes 4 The new CZK 1000 banknote 5 Summary 2
3 Introduction The role of the CNB Besides monetary policy-making, the CNB performs other important tasks (for example, there will be around 50 meetings of the Bank Board this year, of which 8 will be devoted to monetary policy) Other tasks pursuant to Act No. 6/1993 Coll., on the CNB: issuing banknotes and coins, managing the circulation of currency, administering payments and clearing between banks, promoting smooth and efficient operation thereof, and contributing to the safety, soundness and efficiency of payment systems and to the development thereof, supervising the activities of entities operating on the financial market, analysing the evolution of the financial system, seeing to the sound operation and development of the financial market in the Czech Republic, and contributing to the stability of its financial system as a whole (formerly only banking supervision), other activities. currency protection continuous development and implementation of protective elements 3
4 1 Money circulation Volume of money Vývoj výše in circulation oběživa from od February do to December 2007 CZK Miliardy billions Kč end-2007 CZK billion in circulation ALL-TIME HIGH 21 Dec 2007 CZK billion in circulation
5 1 Money circulation The Czech koruna celebrates its 15th birthday this year (however, the history of cash on Czech territory goes back much further) Money in circulation has grown rapidly over the last 15 years: On 8 February 1993, the Czechoslovak currency was split. At the end of that year, the value of money in circulation was around CZK 63 billion By the end of 1994, money in circulation amounted to CZK 96 billion At the turn of the millennium, money in circulation totalled almost CZK 184 billion, showing a continuous upward trend Almost CZK 354 billion was in circulation at the end of 2007, representing a total of 3 billion banknotes and coins 5
6 1 Money circulation Banknotes million banknotes in circulation around 33 banknotes per capita banknotes worth CZK 345 billion in circulation around CZK 33,300 per capita CZK 1000 note recording highest growth rate (131.9 million notes in circulation) around thirteen CZK 1000 banknotes per capita 6
7 Money circulation As of 31 December Source: CNB, own calculations kusů bankovek v oběhu Number of banknotes in circulation XII.93 XII.94 XII.95 XII.96 XII.97 XII.98 XII.99 XII.00 XII.01 XII.02 XII.03 XII.04 XII.05 XII.06 XII.07
8 2 The CZK 1000 banknote in circulation The CZK 1000 banknote accounts for 38% of the number of banknotes in circulation, which makes it the most frequently issued banknote Kč 38% CZK Kč 6% CZK Kč 11% CZK Kč 7% CZK Kč 14% CZK 200 As of 31 December 2007 Source: CNB, own calculations 20 Kč 2% CZK Kč 9% CZK 50 CZK Kč 13% 8
9 2 The CZK 1000 banknote in circulation Main features of the CZK 1000 banknote and some interesting facts dimensions: 158 x 74 mm with tolerance ± 1.5 mm if all the CZK 1000 banknotes issued were placed end to end, they would form a band 21,000 km long, or more than half the length of the equator weight: a bundle of one thousand CZK 1000 banknotes weighs 1 kilogram thus, all the CZK 1000 banknotes issued weigh 132 tonnes in total around 44 lorries with a loading capacity of 3 tonnes would be needed to transport all the CZK 1000 banknotes 9
10 2 The CZK 1000 banknote in circulation As regards counterfeiting, the CZK 1000 note was the second most frequently counterfeited Czech banknote in 2007 (behind the CZK 500 banknote) Kč 8% CZK Kč 27% CZK Kč 3% CZK Kč 0% CZK Kč 4% CZK Kč 11% CZK Kč 34% CZK 500 As of 31 December 2007 Source: CNB, own calculations 200 Kč 13% CZK
11 3 Protective elements of banknotes Protective elements of banknotes user target groups general public (visible to the naked eye) experts (detectable using simple aids) professionals (detectable using more complicated devices) processing at the central bank (detectable using special sensors) special protective elements affecting the operation of reproducing devices (making copying, scanning, editing and printing difficult or impossible) How to check whether a banknote is genuine Feel the note with your fingers Look at the note Tilt the note 11
12 3 Protective elements of banknotes Feel the note with your fingers distinctive paper 1 intaglio printing Look at the note watermark protective fibres front-to-back register microtext Tilt the note 5 6 optically variable ink 2 7 latent image iridescent strip windowed thread 12
13 3 Protective elements of banknotes Paper-based protective elements watermark windowed thread protective fibres Ink- and printing-based protective elements iridescent strip latent image optically variable ink front-to-back register microtexts 13
14 4 The new CZK 1000 banknote Feel the note with your fingers distinctive paper 1 intaglio printing Look at the note watermark protective fibres front-to-back register microtext other changes visible or invisible to the naked eye Tilt the note optically variable ink latent image iridescent strip windowed thread 14
15 4 The new CZK 1000 banknote Watermark Negative (white line) 1000 and linden leaf added to watermark consisting of portrait of František Palacký 15
16 4 The new CZK 1000 banknote Iridescent strip Monochrome rectangular iridescent strip replaced with bichrome patterned iridescent strip (right edge contoured instead of straight) 16
17 4 The new CZK 1000 banknote Windowed thread Windowed thread 1.4 mm wide with recurring negative microtext with nominal value 1000 Kč replaced with windowed thread 3 mm wide with recurring hatched negative microtext with CNB logo and nominal value 1000 Kč. 17
18 4 The new CZK 1000 banknote Windowed thread (continued) Silvery windowed thread that did not change colour when tilted replaced with metallic security windowed thread that changes colour from puce to green when tilted 18
19 4 The new CZK 1000 banknote Windowed thread (continued) Pole Feature hatching with lighter and darker rhomboids appears on security windowed thread when Pole Tester is applied 19
20 4 The new CZK 1000 banknote Alterations to the design Minor as well as more noticeable changes to banknote design, e.g. addition of yellow circles to coupons and some parts of print pattern 20
21 4 The new CZK 1000 banknote Other changes Signature of former CNB Governor Tošovský replaced with signature of current Governor Tůma and printed using different printing technique (offset instead of intaglio) 21
22 4 The new CZK 1000 banknote Other changes Year indicating banknote version - replaced with
23 4 The new CZK 1000 banknote Other changes Single colour (green under UV light) complemented with another (blue under UV light) 23
24 4 The new CZK 1000 banknote Other changes Ornaments resembling linden leaf that fluoresce green under UV light added in lower left and upper right corners of both face and reverse side 24
25 5 Summary Managing money circulation and ensuring the security thereof are among the CNB s main priorities defined by law Therefore, the CNB continuously develops and implements protective elements for Czech banknotes The new protective elements of the CZK 2000 and 1000 banknotes are at the cutting edge of world banknote protection technology So far we have discovered a marginal number of counterfeits of the new CZK 2000 note (four pieces, all of threat level 4 inferior quality, protective elements not counterfeited) The existing counterfeits of CZK banknotes are generally of inferior quality and easier to recognise than the counterfeits of world currencies The CNB will continue to enhance the quality of other denominations 25
26 Thank you for your attention Pavel Řežábek Chief Executive Director and Member of the Bank Board of the CNB 21 March 2008
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