A noise reduction system is provided which can operate as either a Dolby B-type or C-type system. In either case, an input signal is applied to the variable impedance of a high-level side chain through an identical shared filter circuit network. The high-level side chain has two voltage-current converters for controlling the variable impedance. By substantially inhibiting the operation of one of the two converters, the system operates as a C-type Dolby system. On the other hand, when the system operates as a B-type Dolby system, a bias current is applied to each of the two converters during periods of no input signal. This bias current is about half of a minute bias control current which is applied during no signal periods to the single converter used when the system operates as the C-type Dolby system.