Canada`s Anticounterfeiting Efforts Pay Off

The Bank of Canada`s campaign to reduce the number of counterfeits is paing off, according to its 2009 Annual Report. The numbers have fallen for the fifth year in a row and, from a high of 470 counterfeits per million notes in circulation in 2004, stood at just 45 last year-less than half the target of 100 the Bank had set by 2009. The value of counterfeits also fell-from $6.6 m in 2008 to $ 3.4m. Most odf the counterfeits were $20 and $ 100 notes, and the majority were from the current Canadian Journey series.

 

The Report also provided an update on the Bank`s currency priorities for 2009 and outlined its new priorities for 2010. The former included the refurbishment of the equipment at its two note processing centres, and the strengthening of the Bak note Distribution System, a redesign of which- including common standards on note and quality and new performance incentives-was agreed with financial institutions and is currently being piloted.

 

Priorities for the current year include completing the development and preparing for the production of the new note series (issue of which will begin in 2011), completing the communications plan that will accompany its launch , and upgrading the Bank`s IT and physical infrastructure to support the new series.