Earlier this month, Philip Lowe, Governor of the See Central bank. More of Australia (RBA), announced the opening of a new A banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More distribution centre and Safe; strong room. A place reinforced with special security measures where high-value objects and documents are safeguarded. In central banks, banknotes and other objects are safeguarded in vaults. More in Craigieburn, in the Melbourne area. This new facility will help the bank manage the issuing and storing of banknotes for the coming years.
At present, 1.5 billion banknotes are circulating in Australia, not to mention the reserves that the RBA keeps for emergencies. Despite the rising popularity of digital instruments, banknotes are still very popular among the population. Indeed, 67% of transactions were made in Money in physical form such as banknotes and coins. More last year. Furthermore, Philip Lowe stated that the value of notes in circulation in 2016 was the highest in 50 years relative to GDP.
The new centre is equipped with the latest technologies and built around a large and highly secure vault. It represents the first significant investment in banknote storage and distribution for decades.
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