The Currency Conference gala dinner on 28 May hosted the presentation of the latest International Association of Currency Affairs (IACA) 2025 Technical Excellence in Currency Awards.

In keeping with our apiology theme (ie. the study of bees), one company that is using the stripey stingers to support a major financial literacy initiative is Koenig & Bauer Banknote Solutions, who presented the BeeSmart educational platform at the recent HSP EMEA conference in Basel.

The United Nations and its agencies hold international observance days (and in some cases weeks or even years) to promote global issues . There are 218 overall – many on familiar topics such as women, family, oceans, the environment. But there are some unexpected ones too - toilets, potatoes, tea, tuna, bicycles, seagrass.

Zambia is a landlocked country in Southern Africa known for its abundant mineral resources, particularly copper, and home to the renowned Victoria Falls and a rich cultural heritage. It has a population of around 19.6 million and its currency is the Zambian kwacha (which is subdivided into ngwee).

The Bermuda Monetary Authority’s (BMA) new $5 polymer banknote has won the International Bank Note Society’s (IBNS) Bank Note of the Year Award for 2024.

On 25 December 2024, the National Bank of Kazakhstan (NBK) introduced a new design for the 2,000 tenge banknote. On March 28, 2025, it was the turn of the 1,000 tenge.

At the High Security Printing™ (HSP) Asia conference in Bangkok last December, currency and counterfeit expert Aleksei Faleev gave a presentation on a survey conducted among cashiers in Kyrgyzstan to gauge their knowledge of and preferences for banknote security features. He has subsequently written this article based on that presentation.

As noted in the December issue of Currency News™, as part of its recent restructuring Koenig & Bauer has spun out its inspection systems and protection technologies into a separate business unit – Vision & Protection (V&P) – headed by Julian Schubert, formerly Vice President of Data, Vision and Authentication Solutions.

In the February issue of Currency News™, we ran an interview with Wolfram Seidemann of Giesecke+Devrient on how the company is navigating the digital transformation in money. But G+D is not the only banknote solutions provider diving into the digital world. Orell Füssli, with a legacy spanning more than 500 years, is also firmly established as a leader in high security printing. And, like G+D, it is expanding its expertise to include digital security solutions as well.

A country that has issued not just a new family of banknotes and coins, but a whole new currency, is Curaçao and Sint Maarten, where the Caribbean guilder (Gg) went into circulation on 31 March, replacing the Netherlands Antilles guilder.

Our periodic series of articles covering cash information in central bank annual reports is playing catch-up, particularly as it is around this time of year that a number of central banks issue their annual reports for 2024 (and in some cases, previous years).

Giesecke + Devrient (G+D) reported its highest revenue in the company’s history, with sales of €3.132 billion for 2024 surpassing its previous record of just under €3 billion in 2023. The company also reported incoming orders of €3.3 billion, again an all-time high, suggesting that the growth strategy is set to continue.

Abdul Qader al-Husriya has been appointed Governor of the Central Bank of Syria.

Spectra Systems reported a strong performance for fiscal year 2024, which for the first time included the financial results for Cartor Security Printers (CSP), which it acquired in December 2023.

Tuvalu is home to 11,000 people and now, for the first time, five ATMs as well, thereby opening up electronic banking for the tiny Pacific island’s inhabitants.

Komori Corporation has announced that it has won a major order for multiple banknote printing systems from the Bureau of Engraving and Printing (BEP).

On 4 April Microsoft turned 50 years old. Amazon is just over 30, Meta is 21 and the iPhone is just 18. Will they last as long as Microsoft?

De La Rue, the 211-year-old British icon known for printing some of the world’s most secure banknotes, is turning the page. In a move that marks the end of its public market journey, US- based Atlas Holdings (through its vehicle ACR Bidco Limited) will acquire the company for £263 million in an all-cash deal.

Reconnaissance, co-publisher of Currency News™, launched a new website on 22 April (World Mother Earth Day) as a cash community asset to capture and consolidate initiatives, work and research from every part of the cash cycle and provide tools to support organisations on their pathway to a greener future.

The 32nd Mint Directors Conference (MDC) has recently concluded in Cape Town, South Africa. The event hosted the MDC Coin Awards, which were presented during the MDC Gala Dinner at Cape Point Vineyards.

At the High Security Printing™ Asia conference in Bangkok last December, currency and counterfeit expert Aleksei Faleev gave a presentation on a survey conducted among cashiers in Kyrgyzstan to gauge their knowledge of and preferences for banknote security features. He has subsequently written this article based on that presentation.

The programme will shortly be published for the High Security Printing (HSP Latin America) conference, which returns 9-11 June to Rio de Janeiro, Brazil – the location for the inaugural event back in 2012.

In case you missed it, 8 March was International Women’s Day. It was an opportunity for organisations to celebrate the achievements of the women in their workforce, notably on social media. The currency industry, traditionally viewed as a bastion of male dominance, was no exception.

President João Lourenço of Angola has officially opened the National Bank of Angola’s new high-tech cash centre – Casa do Kwanza – in the capital, Luanda for the storage, processing and distribution of the country’s currency, the kwanza. The cash centre has been four years in the making, at a budgeted cost of c. Kz 33 billion, and will be able to process up to 4 million banknotes daily.

Pakistan’s banknote papermaker Security Papers Ltd (SPL) has entered into a strategic partnership with Giesecke+Devrient to upgrade its PM-2 paper machine, first commissioned in 2004. This initiative aims to enhance SPL’s capacity to produce banknote paper that meets international standards and incorporates the latest security features.

Oberthur Fiduciaire has partnered with Giriraj Foils, a well-respected name in India’s high-security films, stamping foils and laminates market, to deliver advanced authentication solutions tailored for the Indian market. The partnership was announced at the ASPA Traceability and Authentication Forum in New Delhi earlier this month.

Last month, we covered the annual results of four of the major companies in the cash sector – Crane NXT, Brinks, Loomis, and Diebold Nixdorf, all of which turned in a respectable performance, showing that the challenges of the COVID years are now a thing of the past.

Last month, we reported that Saudi Arabia has a new currency symbol for the riyal. This month, its neighbour, the United Arab Emirates, has also unveiled a new currency symbol for the dirham – both physical and digital.

In 2024 the Mint of Finland announced it was to close, and The Royal Mint announced its withdrawal from the export market. Both were seen as signs of an industry in decline, but perhaps benefiting from these development, the latest reports from two leading mints – those of Poland and France – tell a different and altogether more positive story.

Following the issue of an EoI (Expressions of Interest) for the ‘Procurement of Consultancy and Project Management Services for Modernisation of Currency Management Infrastructure in India’, the Reserve Bank of India has shortlisted six companies to participate in the next stage, namely a Request for Proposal (RFP).

De La Rue has issued a trading update for 2025 and 2026, in which it said that its currency division will beat expectations of double- digit core earnings growth in the 2026 fiscal year, supported by stronger orders as demand returns.

Central Banking Publications has announced all 27 winners of its 2025 awards, which are now in their 12th year. The Central Banking Awards recognise outstanding achievements in the central banking community and two of the 27 relate specifically to currency.

The Bank of England has appointed Sarah John, current Chief Cashier, as its new Chief Operating Officer (COO), replacing Ben Simson.

Even though innovations in digital payments have accelerated in recent decades, cash is the only payment option for a number of citizens in every country. Moreover, the great majority of people would like to keep cash as one of their payment options – even in those countries where its share in transactions is already small. Cash is also used for precautionary reasons as well as a store of value and has a significant role in various crises and uncertainties.

Last month we reported on the 2024 counterfeit figures for the euro. This month is the turn of coins, with figures from the European Commission detailing a sharp increase in the number of counterfeits in 2023 (the most recent year on which it has reported) to 480,371 – up 62% compared to 2022 and the highest level by far since the introduction of the euro in 2002.

Digitalisation is a buzzword that has been shaping industries for over 40 years, fundamentally transforming products and business models. In the security printing industry, this transformation is particularly relevant as smart devices become dominant tools for interaction and authentication.

Mark Wind of the Dutch National Bank (DNB) reported on the sustainability work of the Joint European Tender (JET) group at the Intergraf Currency+Identity conference. This is a tangible banknote specific example of an approach to using procurement to drive change.

Biobanknote – the Colombian developer of solutions for composting banknotes and banknote waste – is planning to carry out a Life Cycle Analysis (LCA) to evaluate the manufacturing and use of banknotes compared with digital transactions, in accordance with the internationally recognised standards ISO 14067 and ISO 14040.

Banque de France used the opportunity of Intergraf Currency+Identity to launch EverFit® Enhanced on the Industry Innovation Arena Stage of the conference, the latest significant upgrade to the composite banknote since its introduction in 2014.

According to the Bank of Korea (BOK), last year it withdrew and disposed of 474.89 million damaged or contaminated banknotes, amounting to a total value of KRW 3.3761 trillion won, a 1.9% reduction over the previous year. The disposal of these notes is part of its ongoing efforts to maintain the integrity and quality of the currency in circulation, the central bank said. It also disposed of 101.53 million coins.

The Mint Directors Conference (MDC) was originally scheduled to take place in April 2020 in South Africa, but had to be postponed at short notice due to COVID. The event went ahead three years later, in Ottawa in October 2023, and now – five years on – is finally taking place in Cape Town, from 27-29 April, co-hosted by the South African Mint and with over 250 delegates from the minting industry taking part.

Registration is now open for the Optical & Digital Document Security™ (ODDS) conference, which will be held in Warsaw from 15-17 September 2025.

Another conference taking place in Warsaw later this year is The Future of Cash conference, from 3-5 November, which will bring together key stakeholders from across the cash community to explore innovative strategies for shaping the future of the cash cycle.

The International Association of Currency Affairs (IACA) has announced the finalists for the 2025 Excellence in Currency Awards, which are in four categories.

Across the world, banknotes commemorate and celebrate leading and noteworthy people from across history and culture. In essence, they are the business cards and the cultural identity of each country, acting as a physical symbol of national pride.

The Bank of Namibia has issued a new N$60 commemorative polymer banknote, celebrating the life and legacy of the late President HE Dr Hage G Geingob, who served as the third president of Namibia from 2015 until his death in February 2024, aged 82.

The Central Bank of the UAE has issued a new 100 dirham (AED) polymer banknote, printed by Oumolat on SAFEGUARD with two clear windows. It is part of the CBUAE’s Third Issuance of the National Currency Project, and the final note to be issued in the all-polymer series, which comprises five denominations.

The Intergraf Currency+Identity 2025 conference was held with style and innovation from 5-7 March in Milan, Italy. From the start, it promised more than just discussions, offering a creative and insightful take on the world of security printing to the 1,000+ delegates that took part.

Even though innovations in digital payments have accelerated in recent decades, cash is the only payment option for a number of citizens in every country. Moreover, the great majority of people would like to keep cash as one of their payment options even in those countries where its share in transactions is already small. Cash is also used for precautionary reasons as well as a store of value and has a significant role in various crises and uncertainties.

In the fast-changing world of financial technology, companies that once soared can just as quickly find themselves in free fall. AGS Transact Technologies, a prominent player in India's digital payments and cash management sector, is currently at the centre of a developing crisis that has sent shockwaves through the industry.

At the recent High Security Printing™ EMEA conference in Basel, Switzerland, Dr Alexander Brannan from the University of Manchester, and Gary Spinks of Security Fibres UK, presented advances in colour-changing smart materials designed for rapid authentication. This technology addresses key issues in anticounterfeiting by integrating academic research with industrial application.

The 2025 edition of the High Security Printing™ EMEA conference was located, for the first time in its history, in Switzerland, in the picturesque city of Basel. The sell-out event attracted 265 delegates, from 117 organisations spanning 44 countries. 38% of the organisations were from government (central banks, issuing authorities) or state printworks.

Data both allows and creates questions. Answering questions generates information. Information allows decisions and actions. Without accurate, relevant, reliable, consistent, standardised and timely data, creating and delivering anything is hard, particularly change.

Back in May last year we covered the pre-launch at the Banknote Conference of a new polymer substrate from Covestro, and in December the official launch under the name CERTEVO®. It appears we were premature, as that launch referred to the version intended for ID and secure document, not currency.

Continuing with the periodic series of articles covering cash information in central bank annual reports, this month we travel to Korea, and also to South America, with a review of two countries, one small and stable (Uruguay) and the other larger and not so stable (Venezuela).

Each February and March we cover the previous year’s results for the leading companies in cash management, most of whose financial years run from January to December. Between them these results provide a useful means of taking the pulse of our industry.

In the December issue of Currency News™ I wrote on whether note issuers are keeping ahead of the counterfeits, with an update on the latest counterfeiting data, using as one of the data points the ppm metric (parts per million, ie. the number of counterfeits detected versus the number of genuine notes in circulation). The following month, Duncan Reid wrote about the shortcomings of the ppm as a metric. It is great that the topic has raised debate, and Duncan’s article provides the few interesting viewpoints, which Currency News has invited me to comment on.

This year’s Regional Banknote the Year Awards for EMEA were presented at a special ceremony during the HSP conference dinner in the traditional Safran Zunft restaurant in the heart of Basel’s charming Old Town.

A new white paper investigates how cash management is changing and best practice for optimising efficiency, thereby reducing the cost and environmental impact of cash.

2025 heralds the Year of the Snake in the traditional Chinese zodiac calendar. In December 2024, the People’s Bank of China announced the issue of a commemorative 20 yuan banknote for the 2025 Chinese Zodiac New Year.

The Central Bank of The Bahamas (CBB) has released its new CRISP Evolution $1 banknote. While the design remains basically the same as its predecessor, the previous note was printed on Giesecke + Devrient’s Hybrid™ substrate, while the updated version features its Hybrid ADDvance® substrate.

The Bank of Zambia has announced the introduction of a new family of notes and coins, which will be introduced at the end of March.

The landscape of currency is undergoing a significant transformation. While cash remains a fundamental means of payment, the rise of digital transactions and Central Bank Digital Currencies (CBDCs) is reshaping the future of money.

President Trump’s announcement of a directive to the US Treasury Secretary to cease production of the country’s lowest denomination coin, as part of his mission to cut government expenditure, has reignited the debate in the US about the future of the penny, which has been rumbling on for well over a decade now.

Financial authorities remain concerned about counterfeiting US currency; however, recent studies suggest a declining trend in the circulation of fake banknotes. A new report by Ruth Judson and published by the Federal Reserve – Estimating the Volume of Counterfeit US Currency in Circulation – provides insights into counterfeit US dollar circulation and its economic impact.

554,000 counterfeit euro banknotes were withdrawn from circulation in 2024, according to the European Central Bank. This is an increase of more than 18% compared with 2023, and resulted in a ratio of 18 ppm, compared with 16 ppm the previous year.

The 2025 Currency Conference is returning to Bangkok, Thailand, from 26-29 May 2025. Conference organiser Currency Research expects to welcome nearly 400 delegates from 70 countries, including 70 central banks and 150 organisations in total. At the time of publication, nearly 50 central banks have already registered for the event.

The Bank of China and Banco Nacional Ultramarino – Macau’s two note issuing banks – have introduced new 50 and 100 pataca (MOP) banknotes. They are the third and fourth notes in the new Macau series, following the issue of new MOP 10 and 20 notes last year.

The Royal Canadian Mint (RCM) has announced a new partnership with enim Technologies, which extracts precious metals from e-waste, to explore the possibility of incorporating these metals into the Mint’s future coin production.

The next edition of the Intergraf Currency+Identity conference, which has been connecting technological innovators and institutional end users since 1976, takes place in Milan from 3-5 March.

At the end of November last year, the EMEA Cash Cycle & Payments Seminar took place in Cape Town, South Africa. Organised by Currency Research, the seminar was one of the best-attended regional cash events in recent years, with over 245 delegates from various sectors, including central banks, commercial banks, cash-in-transit companies, and technology providers.

Danmarks Nationalbank has signed an agreement with FNMT–RCM for the production of Danish coins over the next four years.

Komori has released its Integrated Report 2024, a detailed overview of the company’s financial and non-financial performance, along with its plans to create long-term value through innovation, sustainability, and global expansion.

Shaktikanta Das has been replaced as Governor of the Reserve Bank of India by Sanjay Malhotra, former Revenue Secretary in the Ministry of Finance.

On 12 December De La Rue made known that it had entered talks with a consortium to sell up to 40% of its equity, which would value the company at about £245 million.

Chris Skinner, an independent commentator on the financial markets, blogger and author, has written an interesting piece about how technology is changing the way business is delivered. He wrote it about how the digital bank model needs to change, but how might this apply to the world of cash?

The Central Bank of Belize has unveiled the designs of its new banknote series, which will go into circulation in June.

A new white paper examines the cash cycle from the perspective of every stakeholder, drawing on interviews and discussions with the 24 organisations that contributed to it. It contains examples and information from around the world, from small and large countries, emerging market and advanced economies and all types of stakeholder.

Last year, Currency News reported on the introduction of a new polymer substrate for banknotes — POLYSECURE — from Q&T Hi-Tech Polymer Co. Ltd, a Vietnamese manufacturer. Luong Ngoc Anh, the founder, Chairman, and CEO of Q&T, was interviewed at the High-Security Printing Conference Asia in Bangkok, Thailand, to gain insights into the company's journey and aspirations.

Due to its relative ubiquity, ppm serves as a useful means of comparing trends both within and between countries. But as a metric it has its shortcomings. This article examines some of those shortcomings and proposes an alternative method based on the number of banknotes used for cash transactions.