"The Bank of Israel continues to encourage development of paperless innovative payment methods, but this does not detract from the importance of paper bills," Governor of the Bank of Israel Karnit Flug said today at a launching ceremony for the new NIS 50 bill. Among others, Flug thanked Supreme Court Justice (ret.) Terkel, who headed the committee that selected the new bills. The new bill, which bears a portrait of Shaul Tchernichovsky, is the first in a series (Series 3) of bills, called the "poets' series," approved by the government in April 2013. The new bill will go into circulation on September 16, and will be distributed through the banks and post office branches. The current bills are scheduled for phasing out from circulation when they wear out, but will continue to be legal tender for at least the next 10 years, Bank of Israel Currency Department manager Ilan Steiner said.
A NIS 200 bill bearing the portrait of Nathan Alterman, a NIS 20 bill bearing the portrait of poetess Rachel, and a NIS 100 bill bearing the portrait of Leah Goldberg are planned for later issue.
Bank of Israel director general Hezi Kalo said that the bills were produced in a process shorter than the usual 8-10 years for new bills.
Prime Minister Benjamin Netanyahu and Flug met this morning ahead of the new bill launching. At the beginning of the meeting, Netanyahu said, "For this bill to keep its value, we have to preserve both security and the economy. I very much appreciate the seriousness and professionalism by you and the Bank of Israel staff in maintaining economic stability in Israel. That is one of our two tasks. On the one hand, we have to increase the defense budget because of Operation Protective Edge, while on the other hand, we have to preserve the economy. These things intersect in a deficit we can control, and which will not cause collapse. That will be our policy, and that's how we'll behave - together."
Minister of Finance Yair Lapid said, "Proper monetary activity in general, and cash in particular, is an essential condition for a prosperous modern economy. The new bill you are launching today reflects global technological progress in safety markings and counterfeit prevention, and of course is also the first in a series of Hebrew poets. I congratulate Israelis on their new secure, high quality, handsome, and meaningful bill."
Published by Globes [online], Israel business news - www.globes-online.com - on September 10, 2014
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