Currency Management for Central Banks Training Course

Duration 10 days 20 modules · 65 contact hours
Level Intermediate Certificate on completion
Who attends Currency Operations Managers, Central Bank Cash Managers and others
Fee from USD 2,200 KSh 190,000 for Kenyan organisations
Where 52 cities + online See dates by city
Next start 16 Nov 2026 Course code SD-BI-082

Before you join: Participants should have basic knowledge of central bank functions, cash operations, banking operations or financial-sector infrastructure.

Dates & prices

Two start dates a month in every city, and live online on weekdays or weekends. Fees are per participant; classroom fees include tuition, materials, lunch and refreshments, and the certificate.

Suggest a date or city

Showing the next six months. Later dates, other cities and private deliveries for your team are available on request.

Course overview

Currency management is a core central bank function that protects confidence in legal tender while ensuring notes and coins are available where and when the public needs them. Decisions on denominations, order volumes, inventory buffers, quality standards, distribution arrangements and destruction directly affect cost, resilience, security and public trust. Poor forecasting or weak cash-cycle controls can create shortages, excess stocks, avoidable printing costs, poor-quality notes in circulation and exposure to counterfeiting or theft.

This course examines the full currency cycle, from demand analysis and denomination planning to procurement, production oversight, vault operations, commercial bank distribution, recirculation, fitness sorting and destruction. Participants learn to build currency demand forecasts, set inventory parameters, assess cash-cycle performance, design clean-note policies, manage supplier and contractor risks, and establish reporting for senior management. The course also addresses contingency arrangements for crises, cash disruptions and periods of exceptional demand.

Teaching combines short technical briefings with central bank cases, facilitated analysis, group exercises, simulations and structured application planning. Participants work with realistic data and operating scenarios from central bank currency departments, including seasonal demand, damaged-note returns, counterfeit incidents and interruptions to distribution networks. They leave with a completed currency management plan containing demand forecasts, inventory rules, risk controls, service measures and implementation priorities.

The course is suited to professionals responsible for currency operations, cash policy, vault management, banknote quality, currency procurement, financial-sector cash coordination and operational risk oversight.

What you will be able to do

  • Analyse national cash demand using transaction, seasonal and denomination-level data
  • Build a currency demand forecast using drivers, scenarios and forecast-error measures
  • Design denomination structures and inventory policies for notes and coins
  • Apply clean-note policy criteria and banknote fitness sorting rules
  • Assess currency-cycle risks using risk registers, control matrices and contingency plans
  • Evaluate commercial bank distribution and recirculation arrangements using service indicators
  • Develop procurement specifications and supplier oversight controls for currency production
  • Produce and present a complete currency management plan for senior review

Benefits of attending

For you

  • Ability to prepare defensible currency demand forecasts and stock recommendations
  • Practical methods for managing note quality, recirculation and destruction decisions
  • Stronger capability to assess currency supplier, vault and distribution risks
  • A structured approach to briefing senior management on cash availability and costs
  • A reusable currency management plan for immediate workplace adaptation

For your organisation

  • More accurate currency orders and lower risk of excess or insufficient stocks
  • Clearer controls over banknote inventories, movements, destruction and reconciliation
  • Improved note quality through defined fitness, sorting and recirculation arrangements
  • Better preparedness for cash disruptions, demand surges and distribution failures
  • Stronger reporting for currency governance, audit and operational risk committees

Course modules

20 modules over 10 days

Participants can define the mandate, scope and governance of a central bank currency management function.

  • Currency issuance mandate, legal tender status, and central bank accountabilities
  • Cash-cycle mapping from production orders through return and destruction
  • Stakeholder roles for treasury, issuers, banks, cash-in-transit firms
  • Service objectives balancing availability, integrity, cost, and public confidence
  • Currency management policy architecture, governance forums, and decision rights
  • Risk appetite statements for disruption, counterfeiting, and cash shortages

Participants can identify and assess the principal factors influencing demand for cash.

  • Household payment behaviour and cash usage indicators by region
  • Seasonal demand patterns around holidays, harvests, payrolls, and festivals
  • Economic variables affecting cash demand, including inflation and interest rates
  • Financial inclusion patterns shaping access to notes and coins
  • ATM networks, branch closures, and merchant acceptance effects
  • Exceptional demand drivers during crises, disasters, and confidence shocks

Participants can construct and evaluate a demand forecast for notes and coins.

  • Time-series forecasting using trend, seasonality, and calendar adjustments
  • Driver-based forecasts linking currency demand to economic indicators
  • Denomination-level forecast models for notes, coins, and regional flows
  • Forecast accuracy measures using mean absolute percentage error
  • Scenario analysis for baseline, high-demand, and disruption cases
  • Rolling forecast governance, assumptions logs, and forecast challenge meetings

Participants can assess whether denomination structures meet payment and cash-handling needs.

  • Denomination mix analysis using withdrawals, deposits, and transaction values
  • Gaps between note denominations, price levels, and payment habits
  • Coin circulation economics, seigniorage, durability, and handling costs
  • Withdrawal patterns from ATMs, branches, and cash centres
  • Assessing denomination changes through public, banking, and merchant impacts
  • Migration planning for new, withdrawn, or redesigned denominations

Participants can set inventory parameters and monitor currency stock positions.

  • Inventory categories for new, fit, unfit, reserve, and pending stocks
  • Safety-stock calculations based on demand variability and replenishment lead times
  • Reorder-point methods for currency production and regional distribution
  • Minimum and maximum stock rules by denomination and location
  • Stock ageing analysis for notes, coins, and strategic reserves
  • Daily reconciliation between physical holdings, systems, and movement records

Participants can translate demand forecasts and stock rules into production plans.

  • Annual production plans linking forecasts, inventories, and replacement requirements
  • Print-order scheduling against supplier capacity and delivery lead times
  • Minting plans for circulating, commemorative, and replacement coin requirements
  • Production tolerances, acceptance criteria, and quality assurance checkpoints
  • Cost modelling for printing, minting, storage, transport, and destruction
  • Production-plan approvals, change controls, and management reporting

Participants can specify procurement requirements and oversee currency suppliers effectively.

  • Technical specifications for substrates, inks, security features, and packaging
  • Procurement evaluation criteria covering security, capacity, quality, and price
  • Supplier due diligence for financial standing, ownership, and security controls
  • Contract clauses for confidentiality, defects, delivery delays, and audit rights
  • Factory acceptance testing and pre-shipment inspection procedures
  • Supplier performance scorecards for quality, timeliness, and nonconformities

Participants can explain authentication layers and support effective counterfeit deterrence.

  • Public, professional, and machine-readable security feature categories
  • Authentication principles using look, feel, tilt, and machine checks
  • Security-feature selection against counterfeiting threats and production feasibility
  • Banknote design considerations for usability, durability, and public recognition
  • Cash-handler training requirements for identifying suspect banknotes
  • Communication plans supporting public awareness of genuine currency features

Participants can establish reporting, analysis and response procedures for counterfeit incidents.

  • Counterfeit incident classification by denomination, method, geography, and volume
  • Chain-of-custody controls for suspect notes and evidential material
  • Counterfeit reporting workflows with police, banks, and forensic units
  • Trend analysis identifying emerging counterfeit methods and distribution channels
  • Escalation triggers for public alerts, bank notices, and operational actions
  • Post-incident reviews linking findings to authentication and communication measures

Participants can design policies for maintaining acceptable note quality in circulation.

  • Clean-note policy objectives for usability, confidence, and machine processing
  • Fitness criteria for soiling, tears, stains, holes, and missing pieces
  • Sorting thresholds for fit, unfit, suspect, and mutilated banknotes
  • Note-life analysis using return data, durability, and denomination characteristics
  • Commercial bank responsibilities for sorting, recirculation, and return
  • Monitoring circulation quality through sampling, complaints, and cash-centre data

Participants can assess cash distribution arrangements and identify service improvements.

  • Distribution models using central vaults, regional depots, and commercial banks
  • Cash-flow mapping between central bank, banks, retailers, and cash centres
  • Service-level agreements for ordering, delivery, returns, and dispute resolution
  • Regional allocation rules based on demand forecasts and stock availability
  • Cash-in-transit controls for routing, custody, insurance, and incident reporting
  • Distribution performance indicators for timeliness, availability, and cost

Participants can set oversight expectations for commercial bank cash recirculation.

  • Recirculation models for ATMs, branches, cash centres, and retailers
  • Minimum sorting requirements before notes re-enter public circulation
  • Machine authentication standards and false-reject rate monitoring
  • Commercial bank reporting on withdrawals, deposits, returns, and suspected counterfeits
  • Inspection programmes for cash centres, ATMs, and recirculation controls
  • Corrective actions for noncompliant sorting, storage, and reporting practices

Participants can identify controls needed for secure currency storage and movement.

  • Vault access controls using segregation of duties and dual custody
  • Physical stock counts, surprise counts, and reconciliation investigations
  • Movement authorisations for issues, returns, transfers, and destruction consignments
  • CCTV, alarm, access-log, and incident-review control requirements
  • Secure packaging, sealing, labelling, and chain-of-custody procedures
  • Business continuity arrangements for vault failures, fire, and security incidents

Participants can manage the secure, controlled and auditable destruction of unfit currency.

  • Destruction authorisations linked to verified unfit stock and reconciliations
  • Shredding, briquetting, incineration, and secure disposal process options
  • Witnessing requirements, destruction certificates, and independent verification
  • Environmental controls for waste handling, emissions, and contractor oversight
  • Accounting treatment for destroyed currency and inventory record updates
  • Exception reporting for discrepancies, equipment failures, and incomplete destruction

Participants can assess operational risks and define proportionate currency controls.

  • Risk registers covering availability, security, quality, supplier, and fraud risks
  • Inherent and residual risk scoring using likelihood and impact scales
  • Control matrices linking risks, controls, owners, evidence, and testing
  • Key risk indicators for stock discrepancies, delays, defects, and incidents
  • Root-cause analysis using five whys and cause-and-effect diagrams
  • Risk reporting for management committees, internal audit, and board oversight

Participants can prepare operational responses to major cash-cycle disruptions.

  • Business impact analysis for currency shortages, vault outages, and transport failures
  • Contingency stock policies for regional disruptions and exceptional demand
  • Emergency cash distribution arrangements with banks and government agencies
  • Crisis communication protocols for banks, media, merchants, and public
  • Scenario planning for cyber outages, civil unrest, and natural disasters
  • Recovery priorities for restoring currency availability and normal service levels

Participants can produce decision-focused reporting on currency performance and risks.

  • Currency management dashboards combining demand, stocks, quality, and service measures
  • Key performance indicators for forecast accuracy, stock turns, and availability
  • Exception reports highlighting inventory breaches, delays, and quality failures
  • Data-quality controls for denomination records, movements, and destruction certificates
  • Management information packs for currency committees and executive decision-making
  • Performance reviews translating findings into corrective actions and priorities

Participants can establish governance and assurance arrangements for currency operations.

  • Three-lines model applied to currency operations and risk oversight
  • Internal control documentation using process narratives and control matrices
  • Audit trails for production, custody, distribution, and destruction transactions
  • Audit planning based on materiality, risk ratings, and control maturity
  • Management action tracking for audit findings and overdue remediation
  • Governance reporting on policy compliance, incidents, and assurance outcomes

Participants can assess how payment-system changes affect currency management requirements.

  • Cash usage analysis alongside cards, transfers, wallets, and instant payments
  • Payment substitution effects on denominations, regional demand, and infrastructure
  • Financial inclusion considerations for cash-dependent households and communities
  • Currency strategy choices under declining, stable, or volatile cash demand
  • Central bank digital currency implications for cash operations and public access
  • Strategic indicators for maintaining resilient access to physical currency

Participants can build, review and present a complete currency management plan based on a realistic central bank scenario.

  • Define currency objectives, scope, governance, and stakeholder accountabilities
  • Build denomination-level demand forecasts with documented assumptions and scenarios
  • Set inventory rules, production orders, and regional allocation parameters
  • Specify clean-note, recirculation, counterfeit, and destruction control measures
  • Prepare risk register, contingency arrangements, indicators, and reporting timetable
  • Present recommendations, cost implications, implementation priorities, and review arrangements

Exercises and examples are adapted to each cohort's sectors and roles.

What you take back to work

  1. Currency demand forecasting template
  2. Denomination and inventory policy model
  3. Clean-note policy checklist
  4. Currency operations risk register
  5. Cash distribution service-level scorecard
  6. Currency management plan

Who should attend

  • Currency Operations Managers — responsible for end-to-end note and coin availability
  • Central Bank Cash Managers — need stronger forecasting, inventory and distribution decisions
  • Banknote Department Officers — manage production orders, quality and destruction processes
  • Vault and Cash Services Managers — control secure storage, movements and stock records
  • Financial Sector Supervision Staff — assess commercial bank cash-handling and recirculation arrangements
  • Operational Risk and Internal Audit Staff — review controls over currency assets and cash-cycle risks

Skills and tools covered

Cash demand forecastingCurrency inventory controlBanknote quality managementCash-cycle risk controlCurrency distribution planningCounterfeit response management

Tools and standards

ISO 4217, ISO 27001, COSO Internal Control Framework

How the course runs

Training methodology

The course uses short technical briefings followed by case work based on central bank currency operations. Participants examine demand data, inventory reports, fitness standards, distribution arrangements and risk events. Group exercises test forecasting assumptions, stock decisions, counterfeit responses and contingency measures. Simulations place teams in realistic situations such as seasonal demand surges, delayed production deliveries and regional cash shortages. Each participant develops application priorities for their own currency function and receives instructor feedback on the final plan.

Requirements and prerequisites

Participants should have basic knowledge of central bank functions, cash operations, banking operations or financial-sector infrastructure. Familiarity with spreadsheets, simple forecasting concepts and operational reporting is useful because participants work with currency demand, inventory and service data. Experience in a currency department, commercial bank cash centre, vault operation, cash-in-transit provider or central bank oversight function is appropriate. Prior expertise in banknote design, security printing, coin minting, statistics, procurement law or forensic counterfeit analysis is not required.

A typical training day

08:30 – 10:30First session
10:30 – 10:45Refreshment break
10:45 – 12:30Second session
12:30 – 13:30Lunch and networking
13:30 – 15:00Third session
15:00 – 15:15Refreshment break
15:15 – 16:30Workshop and daily review

Live online deliveries follow the same structure in East Africa Time, with shorter screen blocks and longer breaks.

What the fee includes

  • Instruction by a practitioner facilitator
  • Full course workbook and materials
  • Exercise files, templates and case studies
  • Refreshments and lunch on classroom deliveries
  • Certificate of completion
  • Post-course application plan

Frequently asked questions

Participants should understand basic banking, central bank operations or cash-handling processes. Previous work with currency production, forecasting or vault operations is helpful but not essential.

Bring a laptop for working with course templates and data-based activities. Participants may also bring non-confidential examples of their current forecasting, stock, quality or reporting arrangements.

It is designed for central bank currency staff, cash managers, vault managers, banknote department officers, risk professionals and supervisors of commercial bank cash operations. It is also relevant to professionals responsible for currency procurement or cash distribution contracts.

This course focuses on managing the full operational currency cycle, including demand, stocks, production, distribution, fitness and controls. It addresses banknote security and counterfeit response from a management perspective rather than teaching detailed forensic examination or design engineering.

Participants leave with templates and a currency management plan that can be adapted to their institution. The methods support immediate reviews of forecasting, inventory limits, note quality, distribution performance and contingency arrangements.

The first part establishes the currency cycle, demand forecasting, inventory management and production planning. The later sessions focus on quality, distribution, security, risk, governance and the capstone plan, with approximately 6.5 contact hours each day.

Questions about this course?

Ask about dates, fees, group bookings or running it for your team. Our training team replies by email.

Ask on WhatsApp info@skillsetdevelopment.com

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