‘BOT’ clarifies the facts of commemorative banknotes After the public suspected the absence of stars and forged
In the event that there is a misunderstanding about the commemorative banknote in the Royal Coronation Ceremony of 2019 Mr. Somboon Jitpanthom Assistant Governor of Bank Card Issue The Bank of Thailand (BOT) would like to clarify as follows:
1. Banknotes without EURion (Uryan) are not meant to be easily counterfeited.
EURion is one of the forms of protection against copying from copiers or scans, but it is not the necessary or most important form of protection against counterfeiting. Many countries, including Asia Pacific and Europe, do not adopt EURion, but focus on providing an anti-counterfeiting feature. In order to be easily noticed by the public and the criminals difficult to disguise to look like the real thing.
As for most commemorative banknotes produced in the past, the EURion was not used. But there are many anti-counterfeiting characteristics. And still adopt advanced standard anti-counterfeiting technology Like the current banknotes and commemorative banknotes of all generations of the past
However, if the banknotes are forged by scanning and printing them Paper and ink used And that watermark will never make it look like a real banknote People can immediately distinguish themselves as counterfeit banknotes by “touching, lifting, turning, tilting”, which can be easily checked by themselves.
• Experience the embossment of the type of price at the banknote corner and the Thai government word.
• Lift up the watermark on the paper, the 100 baht banknote will see the royal statue And the 1000 baht banknotes will see the logo watermark of the King Rama V.
• Tilt to see the magenta band. The front of the 100 baht banknote can be moved up and down and switched to green. Also inside the Pikul flower pattern of the 1000 baht banknote has a circular shape that moves around and changes from golden to green.
2. Banknotes issued by the BOT, even without EURion, meet high anti-counterfeiting standards and can be exchanged for foreign currency.
All banknotes issued by the BOT can be used for legal repayment. Therefore, commemorative banknotes can be used for various transactions in the country like normal banknotes. In the beginning, merchants and money changers may not be familiar with the new banknotes. But later it was announced that the commemorative banknote was accepted.
For exchanging baht banknotes abroad Thai baht is not an international currency. It is not already widely used in other countries. Banks or foreign exchange service providers may or may not accept any banknotes, regardless of the presence or absence of EURion, but it depends on whether there is enough demand for both buying and selling from customers to complete the transaction. Exchange money
3. New commemorative banknotes with reserve funds 100% fully backed
All types of Thai banknotes issuance, price Both normal circulation and commemorative notes comply with currency laws. 100% of the currency reserve backed by the current banknotes, including all commemorative banknotes The value of about 2 trillion baht while commemorative banknotes in this time total value of 1.2 billion baht or about 0.6% of the total volume of the banknotes in circulation. Including currency reserve Can be obtained from the weekly financial status report of the BOT
4.The issuance of commemorative banknotes does not count as the BOT’s QE (Quantitative Easing) practice.
The issuance of circulating banknotes, including commemorative notes, is a function of Bank of Thailand in managing banknotes to meet the needs of the people For payment of goods and services in the economy (Including saving or keeping as a souvenir) The amount of banknotes circulating in the system is mainly determined by the needs of people and businesses such as the New Year and Songkran period. That people have a need for cash expenditures The Bank of Thailand had to issue more banknotes. And when the festival passes People’s demand for cash has decreased, the BOT withdraws cash from the system. In conclusion, the BOT cannot increase the amount of banknotes issued. If people and businesses have no need to withdraw cash from commercial banks.
As for doing QE abroad Injecting the liquidity of the central bank Enter the economy through the accounts of financial institutions. It is not involved in the issuance of banknotes in any way.
5. The number of commemorative banknotes issued for collection is very small. Compared with normal circulation notes, it is packed in ATMs for easy access to the public.
The past issue of commemorative banknotes is usually limited to 10 – 20 million, which is very small compared to the approximately 1,700 million baht normal circulation banknote and the 1000 baht type with Approximately 1.6 billion copies of commemorative banknotes placed in ATMs are intended to facilitate the public access to commemorative banknotes. Without the need to line up for exchange at a commercial bank branch
6. Commemorative banknotes cannot be used with automatic deposit machines.
The commemorative banknote cannot be used with the automatic deposit machine. Because the program needs to be modified at automatic deposit machines nationwide The volume of commemorative banknotes is less than 1.2% of the total circulating banknotes. Can contact for exchange at any commercial bank branch, Government Savings Bank, Bank for Agriculture and Agricultural Cooperatives. Government Housing Bank And Islamic Bank of Thailand
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