Press Release: CBK Announces New Banknotes Issue

by **Rocky** Tue 17 Sep 2013, 6:35 am

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Press Release: CBK Announces New Banknotes Issue

by Rocky Tue 17 Sep 2013, 6:35 am

Press Release: CBK Announces New Banknotes Issue (10/6/2013)

The Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Y. Al-Hashel announced that in its continued pursuit to implement best international central banking practices the CBK conducted an evaluation study for the current issue of banknotes, the 5th issue introduced in the year 1994. The study was initiated in light of the technological advances in the industry of banknotes printing and the improvements achieved in the signs and security specifications thereof.

The Governor added that, based on the findings of the study, the CBK has decided to introduce a new issue of the current banknotes categories to make use of the developments in the signs and security specifications and quality of the banknotes, as well as to keep pace with trends in international central banking in this regard.

The Governor clarified that, in implementation of this project, the CBK has commenced the necessary actions stated in the provisions of CBK Law No. (32) of the year 1968 concerning Currency, the Central Bank of Kuwait, and the Organization of Banking Business and its amendments. He pointed out that, following the recommendation of CBK's Board of Directors, the Council of Ministers has approved in its session held today (June. 10. 2013), the proposed new currency issue including the specifications, shape and design of the banknotes' categories.

With respect to the procedures taken in this regard, the Governor explained that the CBK has already initiated the implementation of the project indicating that:

The proposed new currency issue shall encompass the same current banknotes' categories without any amendment or additions.

Usage of the current banknotes shall run in parallel with the new banknotes until withdrawal of current banknotes is completed in accordance with the articles of the CBK Law.

Implementation of this project shall take one year to introduce the new issue in circulation since procedures need to be taken relating to the new banknotes production.

During the year ahead, the CBK shall launch a wide media campaign to introduce to the public the new banknotes, their specifications and security signs along with other related matters.

The Governor concluded the statement by asserting CBK's consistent determination on following best practices of international central banking, expressing his conviction that the new issue will be well-received and approved by the public and all concerned authorities.

http://www.cbk.gov.kw/cbkweb/servlet/cbkNewsMain?Action=newsdisp&id=1612