Banknote Production

Year of the Dragon Banknote

The Chinese New Year is less than two weeks away and both the Banco da China and the Banco Nacional Ultramarino have reportedly issued a new 10-pataca (US$1.25) note to commemorate the upcoming Year of the Dragon.  The annual measures were rolled at the start of the year – as Chinese New Year arrives earlier this year.
 
The Bank of Macao under Bank of China and Banco Nacional Ultramarino respectively issued a piece of commemorative 10 Pataca banknotes on Thursday to celebrate the upcoming Year of the Dragon.
 
Most banks have to set up express counters for the exchange of banknotes in anticipation of long line ups and have been stocking up on new notes supply in preparation.  For example, The United Overseas Bank (UOB) has a cash-only counter at its main branch in Raffles Place. Some POSB and DBS Bank outlets have similar counters.  The customers can also get prepared bundles of notes at 12 SingPost branches. Each customer is entitled to two bundles of new notes, consisting of 100 pieces of $2 notes and 30 pieces of $10 notes, for a total of $500.
 
Pre-packed bundles have also been prepared by HSBC, Maybank and Citibank. These banks have found that such bundles help to decrease customers’ waiting time. HSBC has prepared packs of 100 pieces of $2 notes. For Maybank customers, each customer can order up to two pre-packed “fortune” bundles, each consisting of 100 pieces of $2 notes and 30 pieces of $10 notes.
 
Citibank is offering a cash-delivery service to its Ready Credit, Citigold and Citigold Private Clients only.  This requires a minimum order of $2,000 worth of new banknotes which can then be taken to a customer’s office or home accompanied by armed Cisco guards. Some banks have also extended operating hours to cater to customers who arrive last minute to purchase the new banknotes.
 
The banknote features a Chinese paper-cut dragon on the face and the building of Bank of Macao or the building of Banco Nacional Ultramarino on the back.
 
SOURCES:

AsiaOne: “Banks ready for CNY rush for new banknotes”

People’s Daily Online: “Macao issues banknotes for Year of Dragon”

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