Arab Canada News
News
By Mohamed nasar
Published: May 7, 2024
Bank of Canada announced yesterday, Monday, on the first anniversary of the coronation of His Majesty King Charles III, that it will take years before King Charles appears on the 20 dollar banknote.
The Bank of Canada added in its press release that the new banknote will be vertical like the current 10 dollar banknote, and will be made of polymer and be green in color.
It will also incorporate enhanced security features to protect against counterfeiting threats.
For his part, Bank of Canada Governor Tiff Macklem stated that the 20 dollar bill is the primary banknote in Canada, with a circulation of over one billion dollars.
Macklem added: "Cash remains an important method of payment, and we look forward to issuing a new 20 dollar banknote that Canadians can continue to use with confidence".
The Bank of Canada noted that Canadians can expect the new 20 dollar banknote to be issued in early 2027, due to the new banknote issuance process which involves several steps such as research, development, and design, including security features and production.
In the meantime, the current 20 dollar banknote, which was first issued in 2012 and features a portrait of Queen Elizabeth II, will continue to circulate.
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