New Zealand's Reserve Bank announces a colour, security makeover for country's banknotes

New Zealand's Reserve Bank announces a colour, security makeover for country's banknotes

New Zealand's Reserve Bank announces a colour, security makeover for country's banknotes

Updated 23 November 2014, 12:55 AEDT

New Zealand's Reserve Bank says new banknotes to be introduced from October 2015 will be brighter and more secure.

The New Zealand Reserve Bank has revealed preliminary artist impressions of a colourful makeover for the country's banknotes set to be introduced from October 2015.

The Bank says while the counterfeiting of banknotes in New Zealand is low in comparison to other countries, it needed to keep security technology "ahead of the game".

"Our Brighter Money doesn't just celebrate innovation and the pioneering New Zealand spirit through the images depicted on the banknotes - the notes themselves are at the forefront of banknote technology," Reserve Bank deputy governor Geoff Bascand says on the Bank's website.

The famous faces on the bank notes will remain, including Mount Everest conqueror Sir Edmund Hillary and women's suffragette Kate Sheppard.

The bank says the new notes will be released progressively with a first release target date of October 2015 for the $5 and $10 notes.

The images on the website brightermoney.co.nz are of an artist's impression of the expected banknotes, and the bank says the final notes will be slightly different.

The target date for the release of the $20, $50 and $100 notes are in April 2016.

The New Zealand Reserve Bank says the new notes will circulate together with the current notes until all older versions are withdrawn naturally through the banks.

It is the first time New Zealand banknotes have been updated since 1999.