The exchange of all the banknotes will cost tens of millions of shekels. Last year, the Bank of Israel spent NIS 11 million on printing banknotes. In 1996, the bank spent NIS 18 million for this purpose.
The Bank of Israel’s plan for changing over its banknotes will be carried out in a number of stages, and will be spread over several years, Bank of Israel Currency Department head Avner Halevy said today.
Halevy said that the process was one of extensive discussions and preparations for the changes, which would take a few years. "This is not an emergency plan to cope with banknote forgeries, and there is indeed no call for such a plan," Halevy said.
The exchange of all the banknotes will cost tens of millions of shekels. Last year, the Bank of Israel spent NIS 11 million on printing banknotes. In 1996, the bank spent NIS 18 million for this purpose.
Published by Israel's Business Arena March 5, 1998