News18» News»Business»Countries Where Plastic Currency is in Vogue
1-MIN READ

Countries Where Plastic Currency is in Vogue

It is vital to eliminate convenience charge by the banks to create a well operational and sustainable digital and cashless economy.  (Image: File photo)

It is vital to eliminate convenience charge by the banks to create a well operational and sustainable digital and cashless economy. (Image: File photo)

An IMF report says the plastic currency provides a wide range of benefits, including security features and durability, apart from being environment-friendly.

As environmental impact, counterfeiting and other issues plague the paper currency, many countries have opted for polymer or plastic notes. Here’s a look:

(1) Plastic notes were first issued by Australia in 1988 and the country now plans to issue a new series of notes starting with AUS dollar 5 bills.

(2) At least 20 countries, including Canada, Fiji, Australia, Mauritius, New Zealand, Papua New Guinea, Romania, Vietnam and Britain, have been using the polymer currency.

(3) According to a Bank of Canada study in 2011, a polymer note assures 32 percent reduction in global warming and 30 percent reduction in energy demand compared to paper notes.

(4) An IMF report says the plastic currency provides a wide range of benefits, including security features and durability, apart from being environment-friendly.

(5) With signatories ratifying the Paris Agreement on climate change, more and countries are striving to adopt polymer notes. Recently, the Bank of England, after a three-year study, launched a polymer £5 note in September 2016.

Loading...