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Canada to switch to plastic bills next year
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| Contributor | Jason |
| Last Edited | Jason Mar 09, 2010 04:37am |
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| Category | Rule Change |
| Media | Website - CBC |
| News Date | Saturday, March 6, 2010 08:20:00 PM UTC0:0 |
| Description | They say money doesn't grow on trees. Well, the federal government has taken that adage to heart — it announced earlier this week that Canada's paper-cotton banknotes would be replaced by newly designed plastic ones next year.
It's part of a plan to modernize and protect Canadian currency against counterfeiting.
The new plastic bills, made from a polymer material, are harder to fake, recyclable, and two to three times more resistant to tearing, the Bank of Canada said.
Australia has used polymer banknotes since the 1990s, and an Australian company will provide the material for Canada. Several other countries have adopted polymer banknotes including New Zealand, Vietnam and Romania.
The new notes won't be in circulation until sometime in 2011. In the meantime, the central bank is keeping mum on what the new bills will look like. |
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