Banco de Guatemala to Issue Polymer Q1.00 Banknotes


13 Aug, 2007 - Guatemala: By means of resolution of Monetary Meeting JM-160-2006 of the 20 of December of 2006, the printing of 60,0 million new polymer banknotes in the denomination of Q1.00 was approved.

To conduct the printing of the banknotes the companies of Giesecke & Devrient, Notices Printing Australia, Joh Eschedé and Canadian Bank Note Co Ltd., were invited to participate. On the 19 of January of 2007, printing contract was awarded to the Canadian Bank Note Co Ltd. for the printing of 60,0 million banknotes of Q1.00.

Advantages: Polymer note are more durable, three to four times, the life span of the standard paper banknote, thus lowering production costs. The Polymer notes also provide a clearer impression while the notes are cleaner, and more hygienic then the standard paper banknotes.

Currently the following countries utilize Polymer banknotes: Australiam, Bangladesh, Brazil, Brunei, China, Chile, Indonesia, Malaysia, Kuwait, Mexico, Nepal, New Zealand, Northern Ireland, Papúa New Guinea, Romania, Samoa, Singapore, Salomon Islands, Sri Lanka, Thailand, Taiwan, Western Samoa, Vietnam, Zambia, and now Guatemala.

The design and characteristics of the new quetzal banknote has the same design of that of the note of the same denomination done with cotton paper. An important characteristic constitutes the incorporation of a transparent window, made possible through the industry of polymer. As new elements within the design the durability of the polymer ticket is considered between 3 or 4 times to that of one of the cotton notes. Although it's cost of manufacture is greater than the one of the notes of cotton, in the long term this cost is itself compensated by the durability.

Putting in Circulation: The 60 million new notes are scheduled to be placed in circulation over a period of two years. Nevertheless, given it's durability they will remain in circulation during 6 years. It is contemplated that the distribution of the new notes will begin on the 20 of August of 2007. The the currency of Q1.00 will continue simultaneously in circulation with notes of Q1.00 with polymer.

Extract and translation from the Banco de Guatamala website. Compliments of Cleo Phas.