Date
23 September 2017
Hong Kong Monetary Authority chief executive Norman Chan inspects a HK$100 note. Photo: HKEJ
Hong Kong Monetary Authority chief executive Norman Chan inspects a HK$100 note. Photo: HKEJ

HKMA eyes new series of banknotes amid rising demand

Demand for banknotes in the city is increasing despite the popularity of electronic monies such as credit and Octopus cards, according to Hong Kong Monetary Authority chief executive Norman Chan Tak-lam.

The de facto central bank is planning to issue a new series of banknotes with advanced security features to meet the rising demand, the Hong Kong Economic Journal reported Wednesday. 

The amount of Hong Kong dollar banknotes in circulation in the city has more than tripled to HK$340 billion this year from HK$100 billion in 2000, Chan said.

The number of banknotes printed also surged 38 percent to 408 million this year from 295 million in 2010. 

“Some tourists leave the city with dozens of HK$100 banknotes and never come back,” Chan said, adding that he expects demand for banknotes to continue rising.

Hong Kong launched new versions of banknotes in 2010 and 2003, with the 2010 series having eight security features.

Over the past 15 months, the HKMA has collected over 9,000 HK$1,000 banknotes from the 2003 series following the discovery of fake bills.

Translation by Vey Wong

[Chinese version中文版]

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