Ladies and Gentlemen, the introduction of our first polymer banknote should not be necessarily seen as a sign of future changes. We are quite pleased with the performance of our higher denomination paper substrate banknotes which are wearing well in circulation given our geography, climate conditions and cash handling practices.
In this matter, it is natural to begin with work performed by the Nobel Prize laureate, Professor Robert Solow, almost fifty years ago. It is possible to write a production function showing that the level of production is the result of levels of use of factor inputs - especially of labor and capital - and of the level of technology.