Good Practice in Banknote and Currency Management 2022

Good Practice in Banknote and Currency Management

Good Practice in Banknote and Currency Management

March 14 – 17 

Live Content sessions held: 8am–12pm (EST) | 1pm–5pm (GMT) | 9pm–1am (SGT) 

Chair: Antti Heinonen, chairman, Banknote Ethics Initiative, and former director, banknotes, European Central Bank

What are the long-term lessons from the Covid-19 pandemic around cash demand – and usage? How are currency managers responding to the challenge of digital money? How can central banks improve the environmental, ethical and inclusive proposition of banknotes?

These are some of the main challenges facing currency experts at a time of technology-driven change in banknotes and central banking broadly. In response to the fast-paced evolution in digital payments they are increasingly using technology to improve the product and services they provide. 

They know that better technology – as has always been the case with currency management – is the key to staying ahead of the competition.

This course is designed to equip central bankers to meet these challenges.

Each day will feature three hours of expert-led Live Content to maximise the opportunity to share and learn. The chair will ensure participants have opportunities to network throughout the course, with time set aside for a workshop on implementing key learnings.

View chair letter.

 

Course agenda

Two weeks prior to your training course you will be emailed access to our content hub with course materials, including a trial to Central Banking if you are not already subscribed. There will be a combination of articles, reports and presentations that will contribute to two hours of preparation time for the live content. Presentations for the sessions will also be held here subject to the speaker approval.

Challenges, opportunities and threats

13:0013:30

Course introduction
Course introduction session led by the chair

13:00 - 13:30

  • Introductions and welcome from the chairperson
  • Overview of the training course
  • Discussion of the delegate expectations
Antti Heinonen

Chairman

Banknote Ethics Initiative

Antti Heinonen has been the chairman of Banknote Ethics Initiative since its inception in 2013. He was the chairman of the Central Bank Counterfeit Deterrence Group between 2008 and 2012 and the Director, Banknotes at the ECB from 1998 until 2008. He chaired the Banknote Committee of the European System of Central Banks for more than 10 years and the Eurosystem Cash Changeover Co-ordination Committee in 2001 and 2002. Prior to joining the ECB he was the chief cashier for the Bank of Finland. He holds degrees in economics and mathematics from the University of Helsinki, and has recently written two books, one on the history of Finland’s markka banknotes, and another on euro banknotes. The latter is also translated in English (The First Euros) and German (Die Ersten Euros).

 

13:3014:30

New challenges across the currency lifecycle

13:30 - 14:30

  • The state of the art of currency management in 2022 (and lessons from 2021)
  • New roles and responsibilities facing currency managers
  • Key forces and dynamics shaping the currency lifecycle
  • The impact and implications of disruptive technological innovation
Antti Heinonen

Chairman

Banknote Ethics Initiative

Antti Heinonen has been the chairman of Banknote Ethics Initiative since its inception in 2013. He was the chairman of the Central Bank Counterfeit Deterrence Group between 2008 and 2012 and the Director, Banknotes at the ECB from 1998 until 2008. He chaired the Banknote Committee of the European System of Central Banks for more than 10 years and the Eurosystem Cash Changeover Co-ordination Committee in 2001 and 2002. Prior to joining the ECB he was the chief cashier for the Bank of Finland. He holds degrees in economics and mathematics from the University of Helsinki, and has recently written two books, one on the history of Finland’s markka banknotes, and another on euro banknotes. The latter is also translated in English (The First Euros) and German (Die Ersten Euros).

 

14:3014:45

Break

14:30 - 14:45

14:4515:45

Digital money: are CBDCs, stablecoins and crypto assets threats or opportunities?

14:45 - 15:45

  • Overlaps and differences between privately issued crypto assets and CBDCs
  • Understanding the impacts on central banks mandates and responsibilities
  • Implications for currency management
  • Discussion: How can currency managers harness technological innovation to compete?

15:4516:15

Networking break
An opportunity to share experiences with your fellow participants.

15:45 - 16:15

16:1517:15

Case study: How has the currency department at the Bank of Israel addressed Covid-19?

16:15 - 17:15

  • Assessment of cash demand pre and post Covid-19
  • Examples of increase cash usage
  • Long term impact of Covid-19 on cash demand 
  • Case study: steps taken by the Bank of Israel during Covid-19
Amir Safranovich

Head of cash management

Bank of Israel

Amir Safranovich has been with the Bank of Israel since 1997. Mr Safranovich has headed the Cash Management Division in the Currency Department of the Bank of Israel since 2003.

He is responsible for determining and implementing cash management policy in Israel and among other things, he is responsible for the supervision of cash centre, the regulation of the cash market, the contingency plan for cash, the banknotes quality standards, the reduction of counterfeits in circulation and the BOI cash centres operation.

Previous to this appointment, Mr Safranovich worked in the Banking Supervision Department in the Bank-Customer Relations Unit (1997-2003). He has a Master of Science degree in Economics from the Technion - Israel Institute of Technology, and an MBA from Bar Ilan University.

Good practice in the currency lifecycle

13:0014:00

Substrate choice: security, acceptability, economy and longevity

13:00 - 14:00

  • Overview of different substrate types
  • The role of the substrate in a new series planning, design and introduction
  • Frameworks and indicators for the evaluation of a new substrate
  • Discussion: what do you expect from a banknote substrate?
Rosbert Humphrey

Director, currency management department

Eastern Caribbean Central Bank

Mr Rosbert Humphrey has been employed at the Eastern Caribbean Central Bank (ECCB) for the past twenty two (22) years, twenty one (21) of which have been in the Currency Management Department, where he is currently the Director. His main duties include Forecasting, Ordering and Monitoring of currency stocks, and general management of the Currency Management Department. He is a certified Banknote Forensic Expert Witness and a Trainer in the delivery of Expert Witness Training in the Eastern Caribbean countries. Rosbert has been a presenter and discussant at several banknote and currency seminars, workshops and training courses.

Rosbert is a native of St Vincent and the Grenadines, and holds a Bachelors of Science Degree in Economics and Accounting and a Masters of Science Degree in Finance.

14:0014:15

Break

14:00 - 14:15

14:1515:15

Good practice in planning and introducing a new banknote series

14:15 - 15:15

  • Overview of the decision-making process for a new banknote series
  • Lessons learned from designing and introducing a new series 
  • Strategies for effective engagement and communication with the public
  • Discussion: new notes – what works and what doesn’t

15:1515:30

Break

15:15 - 15:30

15:3016:30

Cash circulation, distribution and destruction: what to outsource, when and how?

15:30 - 16:30

  • Overview of logistical realities for circulation and distribution of cash
  • Tips for innovation in cash processing functions
  • Examples of successfully implemented cost saving strategies
  • Discussion: what to outsource, when and how?
Leif Veggum

Director, Cashier's Department

Norges Bank

Leif Veggum joined Norges Bank in 1986 and has worked in the Cashier’s Department since 2000, becoming Director of the unit in 2017.

Leif has played a central part in the changes that Norges Bank implemented in the cash area in order to increase the overall efficiency in cash distribution. This included both redefining Norges Bank’s role and responsibilities, and reorganizing the services and tasks for which the central bank is responsible.

Prior to that, Leif served in Norges Bank’s Financial Markets Department and Payment Systems Department.

 

Technological foundations and threats

13:0014:00

Banknote analytics: building blocks and technology foundations

13:00 - 14:00

  • Utilising cash flow data to maximize currency lifecycle
  • Strategies for making the cash cycle more cost-efficient and sustainable
  • Understanding migration patterns of local currency
  • Practical use of banknote serial-number reading
  • Discussion: How can you add value in tracking migration?

14:0014:15

Break

14:00 - 14:15

14:1515:15

Counterfeiting technology: what are the major threats?

14:15 - 15:15

  • Overview of banknotes and security printing trends
  • Practicalities faced in designing and issuing new notes
  • The art of anti-counterfeiting: resilience testing and feature selection for future series
  • Dealing with counterfeit notes: detection and impounding
Martin Münd

Senior Counterfeiting Expert

European Central Bank

Martin Münd was born in Mannheim, Germany in 1964. He started printing at the age of 12 in a voluntary workshop at school and went on to establish his own little print shop as a side business in the cellar of his parents‘ house. He studied printing technology at the “Fachhochschule für Druck” in Stuttgart, Germany and graduated as a printing engineer in 1995. For four years he was employed in the process engineering department of a major manufacturer of electric appliances as an expert on printing and marking technologies. In 1999 he followed his life long passion and fascination for banknotes by joining the counterfeit money department of Deutsche Bundesbank. In 2001 he moved on to the European Central Bank and has since been working at the ECB’s Counterfeit Analysis Centre (CAC) as an expert on counterfeit banknotes. 

15:1515:45

Networking break
An opportunity to share experiences with your fellow participants.

15:15 - 15:45

15:4516:45

New realities of public engagement

15:45 - 16:45

  • Recognising the importance of effective engagement of a number of key stakeholders
  • Challenges and opportunities of engaging with stakeholders and the general public
  • Tips for understanding growth and changes to communication tools to engage the public
  • Discussion: what are the best and available channels to engage the public?

Considerations of financial inclusion and environmental and sustainable factors in cash

13:0014:00

Financial inclusion and the future of cash

13:00 - 14:00

  • Overview of the role of cash in tackling financial inclusion
  • Strategies to maintain access to cash
  • Implications of the decline of ATMs
  • Discussion: Has the rise of fintech increased financial inclusion?

14:0014:15

Break

14:00 - 14:15

14:1515:15

Environmental and sustainability practices: where can currency managers contribute?

14:15 - 15:15

  • Overview of the environmental impact of banknotes
  • Strategies to reduce the carbon footprint of banknote production
  • Examples of production, circulation and destruction of greener banknotes
  • Discussion: How can central banks contribute in greening production of banknotes?

15:1515:30

Break

15:15 - 15:30

15:3016:15

Closing remarks and delegate action plans
Concluding session led by the chair

15:30 - 16:15

  • Summary of the course
  • Discussion of the observed trends and case studies
  • Application of learning points in the delegates’ home organisations
  • Preparation of action points
Antti Heinonen

Chairman

Banknote Ethics Initiative

Antti Heinonen has been the chairman of Banknote Ethics Initiative since its inception in 2013. He was the chairman of the Central Bank Counterfeit Deterrence Group between 2008 and 2012 and the Director, Banknotes at the ECB from 1998 until 2008. He chaired the Banknote Committee of the European System of Central Banks for more than 10 years and the Eurosystem Cash Changeover Co-ordination Committee in 2001 and 2002. Prior to joining the ECB he was the chief cashier for the Bank of Finland. He holds degrees in economics and mathematics from the University of Helsinki, and has recently written two books, one on the history of Finland’s markka banknotes, and another on euro banknotes. The latter is also translated in English (The First Euros) and German (Die Ersten Euros).

 

Learning outcomes

At the conclusion of the training, participants will be able to:

  • Assess the long-term effects of Covid-19 on the dynamics of cash demand
  • Understand how currency managers are responding to the challenges of digital currencies
  • Contribute to environmental, sustainable and ethical practices in currency management
  • Use data and analytics to understand banknote management
  • Identify ways to improve security, efficiency and inclusivity  

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Antti Heinonen

Chairman

Banknote Ethics Initiative

Antti Heinonen has been the chairman of Banknote Ethics Initiative since its inception in 2013. He was the chairman of the Central Bank Counterfeit Deterrence Group between 2008 and 2012 and the Director, Banknotes at the ECB from 1998 until 2008. He chaired the Banknote Committee of the European System of Central Banks for more than 10 years and the Eurosystem Cash Changeover Co-ordination Committee in 2001 and 2002. Prior to joining the ECB he was the chief cashier for the Bank of Finland. He holds degrees in economics and mathematics from the University of Helsinki, and has recently written two books, one on the history of Finland’s markka banknotes, and another on euro banknotes. The latter is also translated in English (The First Euros) and German (Die Ersten Euros).