Practical information about the introduction of the new banknotes

When the new banknotes are put into circulation, you will be able to pay using both the old and the new banknotes for a period of one year. After that, the old notes will no longer be legal tender and you will only be able to use the new ones. You will be able to use the old 100-krone and 200-krone banknotes up until 30 May 2018, after which Norges Bank is obliged to exchange the withdrawn banknotes for at least 10 years.

The new banknotes will be available at banks, in ATMs and at retail outlets once they have been put into circulation. The general public will not be able to order new banknotes from Norges Bank or to come into the Bank to exchange their old banknotes for new ones.

The plan is to issue the 50-krone and 500-krone banknotes in 2018 Q4 and the 1000-krone banknote in 2019 Q4. Creating a banknote series is a complex task, which is why we need to make allowance for possible challenges that can put us behind schedule.

In recent years, many of our neighbouring countries have issued new and more secure banknotes. At the same time, criminals are gaining access to increasingly advanced technology. Fortunately, counterfeit banknotes are rare in Norway. But if Norway's banknotes do not stay one step ahead in terms of security, we run the risk that counterfeiting will become a problem. That is why Norges Bank is now launching a new banknote series with new and improved security features.

Cash as a share of the total money supply in the economy is falling. Even so, it is not a certainty that deposit money will completely replace banknotes and coins. The value of banknotes and coins in circulation has remained stable over the past 10 years, and as long as the public continues to demand cash, it is Norges Bank's responsibility to produce banknotes and coins that are secure and functional.

Published29 May 2017 12:20