Information day on cash circulation issues held at the National Bank of Ukraine
On 24 November 2011, Information Day was held for mass media representatives by the General Department of Money Circulation Regulation at the National Bank of Ukraine.
The following officials delivered keynote statements:
Viktor Mykhailovych Nesterenko, Director of the General Department of Money Circulation Regulation;
Viktor Petrovych Zaivenko, Deputy Director of the General Department of Money Circulation Regulation;
Roman Vasyl’ovych Kyseliov, Director of the Money Circulation Department;
Oksana Vasylivna Halyts, Deputy Director of the Department – Head of the Office for Cash Management;
German Vasyl’ovych Bogatyriov, Head of the Office for Cash Transactions and Implementation of Modern Technologies;
Volodymyr Volodymyrovych Tyshchenko, Head of the Office for Expertise and Money Protection;
Tamara Olehivna Loshmanova, Head of the Office for Numismatic Products and Marketing.
During the Information Day the senior officials of the General Department of Money Circulation Regulation informed the mass media representatives about the organizational chart, key tasks and principles of operation of the subordinate units.
In addition, they reported about the organization of cash circulation, in particular:
production and protection of money;
analysis of the state of cash circulation;
organization, elaboration and issuance of commemorative coins;
improvement of cash-related work.
“The state of economy of any country largely depends on the arrangement of cash circulation as its stable and projected development is a necessary prerequisite for the country’s economic development. That is precisely why an appropriate organization of cash circulation appears to be important for the central banks of all countries,” stressed Viktor Nesterenko.
According to him, the National Bank of Ukraine has a modern and powerful material and technical basis for the production of secure currency notes. Only 60 central banks in the world can take pride in having the same facilities.
The sphere of paper money production in Ukraine covers all stages, starting from the production of special banknote paper involving special technologies at the Banknote Paper Mill to printing banknotes at the Banknote Printing Factory of the Mint of the National Bank of Ukraine. The Mint of the Banknote Printing and Minting Works of the National Bank of Ukraine carries out the production of the circulation coins, whose quality complies with international standards.
As of today, there are 16 denominations of currency units of Ukraine, including 9 denominations of banknotes and 7 denominations of coins.
“The work carried out by the National Bank of Ukraine is aimed at building a new, more advanced and efficient cash circulation management model, which will meet the new requirements,” emphasized Viktor Zaivenko when delivering a speech.
With a view to reducing the amount of counterfeit banknotes and improving the quality of banknotes in circulation, the National Bank of Ukraine has introduced new technologies to carry out automated cash processing.
In order to protect banks’ clients and in accordance with European practice, the requirement for banks to carry out automated cash processing will be imposed, which will ensure quality control over authenticity of banknotes. This requirement will be imposed, taking into account the provisions of the Law of Ukraine “the National Program for the Adjustment of the Ukrainian Legislation to the Legislation of the European Union”.
In today’s Ukraine, the public has a high degree of confidence in the domestic currency. In particular, according to 2010 results, there were 5 counterfeit banknotes per 1 million banknotes (in 2009– 5.5). The number of counterfeit coins has dropped by 34% over 10 months of 2011, compared with the corresponding period of 2010. For reference, according to the ECB data, there were 55 counterfeit euro banknotes per 1 million banknotes (in 2009– 67).
In addition, the National Bank of Ukraine has issued commemorative coins since 1995. As of today, there are 26 series of coins; in particular, 500 types of coins are in circulation. The National Bank of Ukraine has issued 28 types of commemorative coins of Ukraine over 10 months of 2011.
The National Bank of Ukraine intends to issue 14 more coins by the end of 2011.The National Bank of Ukraine is to issue a series of commemorative coins of Ukraine devoted to the Final tournament of the Euro 2012 football championship. A gold coin weighing 0.5 kg will have been issued for the first time by the time this event of great importance takes place.
Furthermore, the mass media representatives were informed about the current situation in the cash circulation sphere, expertise aimed at detecting counterfeits, protection of the hryvnia against counterfeiting, elimination of worn banknotes, marketing and production of numismatic products.