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Macedonia to receive the first plastic money.

Ongoing preparations for issuing the first plastic money on the Macedonian market, it regards banknotes with denominations of 10 and 50 denar which will be made of plastic and if everything goes as planned, will enter in circulation by the end of this year.

Laboratory tests show that polymer banknotes misshape and melt on temperature higher than 120 Celsius degrees which means that they won't damage in the laundry machine, they are cleaner and more difficult to counterfeit.

The banknotes with denominations of ten and fifty denars, or among the so-called paper money, should have been successively withdrawn from circulation and be replaced with coins or so-called iron money with denominations of 10 and 50 denars. That is why banknotes with these denominations are not being printed since 2013.

Banknotes were replaced with coins because they are the most used in the payment system and are easily damaged, so in order to reduce the expenses for their frequent re-printing, it was decided to replace banknotes with coins of 10 and 50 denars.

According to official sources of the National Bank of the Republic of Macedonia, iron money won't be back in circulation because citizens tend to lose them and don't have the same attitude like with paper money, Macedonian media reports.

That is why the National Bank is preparing to issue the new plastic money in circulation because they are better in quality and more durable.

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Title Annotation:BANKING
Publication:Macedonian Business Monthly
Date:Feb 1, 2017
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