The Norwegian central bank, Norges Bank, has begun work on a new krone-denominated banknote series that will feature improved anti-counterfeiting protections.

The project will extend over several years. In its announcement, Norges Bank said that given the long development timeframe, it was important to begin working on new currency now, while there are still relatively few counterfeit notes in circulation.

"As the central bank, Norges Bank bears the responsibility that Norwegian banknotes function effectively as means of payment," said Norges Bank Governor Øystein Olsen. "This means ensuring that the notes' security features are on par with those on comparable countries' banknotes, so that that the general public may have confidence that the notes they use are genuine."

In the initial stage of the project, the Bank will decide on a theme, colours and range of denominations. Important stakeholder groups and external experts will be involved in this effort.

A number of countries, including Sweden, Denmark and others in the euro area are due to introduce new and more secure banknotes.

For more on this topic, visit the security research center.

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