TNAG-2475-FCO40-3605-Hong-Kong-exchange-fund-report-and-accounts-for-1991-1992 — Page 30

NOTES AND COINS

CONFIDENTIAL

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49.

Note issue expenses

the

of $102.7 million represent

proportion of the total note issue maintenance costs which the excess notes, authorized under certificates of indebtedness, bear to

the total value of notes in circulation. The increase of

$20.3 million over 1990 was primarily due to a rise of nearly 15% in the number of notes printed in 1991 (251.4 million) compared with

1990 (219.0 million). Of the notes printed in 1991, 11 million were

in respect of the 1990 order.

50.

Changes in notes in circulation over the last three years

are shown in the following tables:

TABLE 3

Value of notes in circulation by denomination:

End of December

1989 $'000

1990 $'000

1991 $'000

$1

453

453

453

$5

101,396

100,636

99,886

$10

2,240,309

2,434,069

2,726,919

$20

175,190

174,690

205,890

$25

27

27

27

$50

545,807

617,207

738,607

$100

10,460,380

10,366,780

10,288,680

$500

6,408,407

8,971,407

11,061,307

$1,000

17,353,599

18,220,299

21,383,799

37,285,568

40,885,568

46,505,568

CONFIDENTIAL