According to an official press release, on 7 December 2012, the National Bank of Serbia released revised 500- (US$5.70) and 2,000-dinar (US$23) banknotes.

"The obverse of the two banknotes has not been revised, while the reverse shows a new issue year (2012) and the signature of the current governor (Jorgovanka Tabaković). The 500-dinar banknote will circulate in parallel with the earlier series of this banknote issued in 2004, 2007 and 2011, while the 2000-dinar banknote will be in parallel circulation with its 2011 issue.

"The release of revised 500- and 2000-dinar banknotes was scheduled by the annual programme of manufacturing banknotes and coins. In accordance with this programme, planned quantities of 10-, 20, 50- and 100-dinar banknotes were already printed this year. In addition, the programme for 2012 envisages printing of 500- and 2000-dinar banknotes in order to replace the worn-out, damaged and mutilated banknotes, and to ensure an optimal denomination structure of circulating banknotes.

"Further, a need was recognised to change the existing denomination structure, particularly in terms of replacing the 1000-dinar banknote which is dominant in the structure of circulating cash – around 70% in the nominal amount and around 33% in the quantity of circulating banknotes. This change would contribute to a reduction in the total number of circulating banknotes, while maintaining the same nominal quantity. Besides, this would help reduce the costs of manufacturing banknotes and cash manipulation (counting, processing, transportation, vault storage etc)."

Courtesy of Claudio Marana, Dragan Peric, and Kevin Klauss.

Tags: Serbia