Since the last article in the Bulletin on the note circulation, in March 1966, there have been a number of developments. Chief among these are the measures taken by the Bank to moderate the demand for new notes, and the introduction of a new series of notes. This article describes these developments and also the changes which have occurred in the note circulation and its composition. It explains too the importance to the Bank of forecasts of the note circulation, a subject which is considered in more detail in the appendix.
The note circulation - recent developments