This is not a development unique to the Asian market but is also evident in other regions, most notably Europe and parts of North America. Two strategies underlie the demand for more expensive substrates and security features, strategies that reinforce each other.
The first is that, as the growth in production volumes declines, central banks are having their banknotes printed on more durable substrates in order to extend banknote life in circulation and, thereby, reduce medium- to long-term printing costs.