Jörg Eigendorf, Chief Sustainability Officer at Deutsche Bank recently posted on LinkedIn about monetising the protection of the rainforests. Coincidently, almost to the day, Biobanknote wrote to us about a project to reforest the Amazon.

Traditionally, banknotes have served as children’s first tangible interaction with money, helping them develop essential numeracy and financial skills. Recent research underscores that physical cash provides a more concrete understanding of money for young people compared to digital payments, making it a powerful medium for teaching core concepts like earning, spending, saving, borrowing, and budgeting.

Brunei Darussalam Central Bank (BDCB) has provided more details of its new banknote series in denominations of BND1, BND5, BND10, BND100 and BND500, which are scheduled to enter circulation in the first half of 2026.

As digital payments grow and cash usage at the point of sale declines, the individual cash cycle stakeholders are all facing certain challenges brought about by these changes that could risk their ability to continue to function – UNLESS we can understand their challenges, identify the risks, mitigate the risks and make changes not only to adapt to this new environment – but make changes to avoid future events and failures.

A once-in-a-lifetime event commemorating the 60th anniversary of Ghana’s national currency is just weeks away. To be held from 17–20 November and hosted by the Bank of Ghana (BOG) in partnership with Currency Research, the Cedi@60 Anniversary Currency Conference is a cornerstone of a national months-long celebration — ‘Cedi@60: A Symbol of Sovereignty, Stability, and Economic Resilience’ — which formally launched on 28 October.

The world’s leaders in currency design, minting, and secure printing will gather in Istanbul from 10-14 November for Mint and Print 2025 (MAP 2025),. The four-day event will bring together central banks, mints, security printers, and technology providers to explore the innovations reshaping the future of physical currency.

Bank Negara Malaysia Museum and Art Gallery (BNMMAG) has six distinctive galleries – the Children’s Gallery, Bank Negara Malaysia Gallery, Economics Gallery, Islamic Finance Gallery, Numismatics Gallery, and Art Gallery – and is designed to bring Malaysia’s economic journey to life while celebrating the central bank’s role in nation-building and its commitment to numismatics and support for the arts.

Reconnaissance, co-publishers of Currency News and organisers of the High Security Printing™ (HSP) conferences, have announced the full programme for the upcoming HSP Asia 2025, taking place from 1–3 December 2025 in Kuala Lumpur, Malaysia.

Earlier this year, as part of a package of sweeping cuts under the DOGE (Department of Government Efficiency) initiative to eliminate waste, President Trump directed the US Treasury Secretary to cease production of the country’s lowest denomination coin (each of which costs 3.7 times its face value to produce), reigniting a decade-long debate about the future of the coin (see CN February 2025).

This series of periodic global updates, which started in 2017, have mainly focused on the development of the growth rates of the value and volume of banknotes in circulation. Furthermore, they have addressed some interesting phenomena around banknote demand. This latest update will follow this customary agenda.

In a continuation of the coverage in Currency News of some of the most ground-breaking houses note produced in recent months, the latest example is the SPARTAN™ Galapagos House Note from CCL Secure.

This March, the Caribbean guilder – the new currency for the people of the Caribbean islands of Curaçao and Sint Maarten – went into circulation, a good 15 years after the issuer of its predecessor – the Netherlands Antillean guilder – ceased to exist. A number of factors meant that, ultimately, the Centrale Bank van Curaçao en Sint Maarten (CBCS) was left with little choice but to introduce a new currency. But its introduction was not without its challenges – not least because the people of the two islands were largely indifferent.

On 3 July 2024, the Bank of Japan (BoJ) began issuing its new series of banknotes, including the ¥10,000, ¥5,000, and ¥1,000 denominations, marking the first currency redesign in two decades. Almost a year later, as of the end of June 2025, c. 5 billion of the new banknotes had been issued, accounting for about 30% of the total volume of notes in circulation.

The focus for this month’s summary of news from central bank annual reports for 2024 and other sources is Asia, with information from Cambodia, Kazakhstan, the Philippines and Thailand.

Swiss lawmakers have unanimously voted to enshrine the right to use cash in the nation’s constitution.

In so much as company results provide a bellwether for the state of the industry as a whole, our industry appears to be in good health judging by the half year results of some of the publicly-listed market leaders, which were – for the most part – gratifyingly positive.

The Bank of Estonia’s supervisory board has chosen the current Deputy Governor Ülo Kaasik as its candidate for the next Governor. He has served as Deputy Governor since 2011 and will replace Madis Müller, whose term ends in June 2026.

We are all familiar with the earnest reasons for using cash. But what other benefits are there?

American Eagle, a US clothes manufacturer, hired the actress Sydney Sweeney for their autumn 2025 denim campaign. The campaign led to an increase in sales, attracting nearly a million new customers between July and September. The two products in the adverts, named after Sweeney, sold out – the denim jacket in a day and the jeans in a week.

Authentix, a pioneer in nano-optic security technologies, has signed a Cooperation and License Agreement with LEONHARD KURZ, one of the world’s largest advanced high security feature manufacturing companies, uniting the former’s breakthrough innovation with the latter’s world-class production capacity.

Set against the backdrop of the Thermal Spa Island in the heart of Budapest, Jura’s third industry gathering brought together innovators, designers, and technologists from across the globe for two days of knowledge-sharing, collaboration and celebration.

One of the discussions at G+D’s July Currency Technology Symposium centred on how efficiency can be leveraged to build resilience across a wide range of scenarios through rethinking cash centre operations.

In the session at G+D’s July Currency Technology Symposium on cash initiatives around the world, a number of speakers described their cash cycles and access to cash. While the Dutch National Bank (DNB) is insourcing cash processing as cash volumes fall, cash volumes in Canada are now stable and the private sector is investing and innovating. In contrast South Africa is focused on working with stakeholders to manage note quality in circulation. It too, is looking at how to protect cash.

Banco de Guatemala put into circulation a new Q100 (quetzal) banknote in July. It is one of the most widely used denominations in the country and features a new dynamic Galaxy® Saturn thread.

The Bank of Thailand (BOT) has launched new 50 and 100 baht (THB) banknotes on polymer, which will go into circulation in November. The launch builds on the success of the THB 20 note, which was issued in 2022, and which studies by the BOT have shown is four times more durable than its paper counterpart. The projected savings as a result over the eight years that the notes are expected to last are 350 million banknotes per year, reducing production, transport and resource costs.

In the August issue of Currency News we celebrated a number of houses notes – from Bundesdruckerei, PWPW, China Banknote Printing and Minting, and Casa da Moeda do Brasil – showcasing some of the best design and technology in today’s banknote features and print.

The International Currency Association (ICA) has announced the next Global Currency Forum (GCF), taking place 27–30 April 2026 at the Rixos Sungate resort in Antalya, Türkiye.

The International Day of Charity, which occurs annually on 5 September, recognises the role of charity in helping others.

The 2025 edition of the Optical & Digital Document Security™ (ODDS) Conference opened in Warsaw, Poland, from 15–17 September with the headline ‘Welcome to the Genius of Secure Documents’.

The speaker lineups for two upcoming currency events — the Americas Cash Cycle Seminar and the Cedi@60 Anniversary Currency Conference — are taking shape. Currency Research’s (CR) annual Americas Cash Cyle Seminar will be in Miami, Florida, 3-6 November, while the Cedi@60 Anniversary Currency Conference, hosted by the Bank of Ghana (BOG) in partnership with CR, will be in Accra, Ghana, 17–20 November.

Of the c. 1,000 circulating banknotes in the world from 166 issuing authorities, 35 denominations from eight issuers have a vertical (portrait) orientation on both the front and the reverse, 14 denominations from two issuers on the front only, and 54 denominations from 10 issuers on the reverse only.

Reportedly, China’s overarching goal for ecological civilization and green development is to build itself into a ‘Beautiful China’. Against this backdrop, a green transformation is quietly taking place at Nanchang Banknote Printing Co Ltd (NBPC). A subsidiary of China Banknote Printing and Minting Corporation (CBPM), it is located in the middle reaches of the Yangtze River and is progressively shifting from a traditionally polluting banknote printing facility into a ‘national-level green factory’.

The International Optical Technologies Association (IOTA) revealed the winners of its inaugural Excellence in Optical Technologies Awards – 2025 during a special ceremony held on 16 September at the Optical & Digital Document Security™ (ODDS) conference in Warsaw.

At Giesecke+Devrient’s July Currency Technology Symposium it ran nine different workshops and a half day at Papierfabrik Louisenthal (see CN July 2025). Three are covered here.

The focus for this month’s summary of news from central bank annual reports and other sources is Central and South America, specifically Belize, Brazil and Honduras.

Dr Eyob Tekalign Tolina, State Minister at Ethiopia’s Ministry of Finance, has been named the new Governor of the National Bank of Ethiopia. He replaces Mamo Mihretu.

The US Federal Reserve has published the print order to the Bureau of Engraving and Printing (BEP) for calendar year (CY) 2026, which is in the range of 3.8-5.1 billion notes, valued at $108.9-$139.6 billion. During the year, the Feder Reserve Board and BEP staff may adjust production of each denomination to best match demand throughout the year.

Households should keep some cash at home so they can pay for essentials during crises, according to an analysis of four major disruptive events in Europe, including the pandemic and Russia’s invasion of Ukraine in 2022.

At the end of July, KURZ Banknote Security celebrated 30 years of security production at the Sulzbach-Rosenberg site in Germany with a two day customer event.

In her Chief Executive’s Report for 2024-25, the Royal Mint’s Anne Jessopp reported an after-tax loss of £36.3 million, compared with a loss of £4.3 million in 2023-24, on sales of £1.3 billion (2023- 24 – £1.4 billion). In something of an understatement, she noted it had been a challenging year and the result disappointing.

The Banque de France (BdF), in partnership with the Central Bank of West African States (BCEAO), organised an international seminar on 23–26 September 2025 in Paris dedicated to fighting currency counterfeiting.

PerceptNote® is the brainchild of two experts working in the area of banknote analysis, Jane Raymond from Secure Perception Research Ltd and Ernesto González Candela from UnderCurrency SA de CV. Each recognised the value of perception analysis for banknote design but also saw the problems and challenges of conducting perception testing with physical samples. In this article, they explain their solution.

We have recently read that the US Treasury has confirmed that the production of US one cent coins will stop once the stocks of blanks have been used up. Respectively, on the other side of the Atlantic, the German National Cash Forum advocates rounding up or down to the nearest 5 euro cent for cash payments in Germany. It even proposes that the rounding rule (applied from the beginning in Finland) should be applied across Europe as uniformly as possible. Cash means both notes and coins. Therefore, the monitoring of both is important to the future of cash.

The Asia Cash Management Association (ACMA) is gearing up to play a pivotal role at the upcoming Asia Cash Cycle Seminar in Bali, Indonesia, 22-24 September.

Currency News™ will publish its third special supplement, ‘Concept Notes: Art, Design and Security in One’, in Spring 2026 – featuring the latest concept (house) notes from across the industry.

The Royal Mint (TRM) has announced that just over 30 million new £1 coins are entering circulation across the UK, including 23.3 million of the final £1 coins featuring the effigy of the late Queen Elizabeth II.

In this version of Banknote of the Month, we are focusing on some of the latest and best house notes, specifically those which have been released at the Currency Conference in May or the High Security Printing (HSP) Latin America conference in June.

Amidst the gradual introduction of a new banknote series, Banco Central de Bolivia (BCB) has also launched a new bicentennial commemorative banknote, which was unveiled earlier this month at a special event attended by the country’s President at the Casa de Libertad in Sucre, a heritage museum and former church where the country signed its declaration of independence in 1825.

Perhaps this feels like a nugatory question. But when you consider that between 2003 and 2024 there were five times as many studies about the cost of cash than about its value, and that the cost studies were mostly based on numbers while the value studies were more theoretical or descriptive, then the question starts to make sense.

The ultra-fast trading platform Fastex recently announced the release of a series of collectible currency notes, each backed 1:1 by FTN token, the platform’s native cryptocurrency. Unveiled in early July at the Harmony Meetup 7 in Yerevan, Armenia, the annual event that unites top minds from Web3 and iGaming, these notes feature banknote-grade anti-counterfeit features provided by Authentix.

At the Currency Conference in May, Bundesdruckerei presented visuals of the latest house note in its ExNihilo series. To do so, it used an ingenious new tool from Koenig & Bauer Banknote Solutions (KBBS) – Nota-Live™, which provides accurate live simulation of security documents, complete with realistic optically-varying effects, offering an exceptionally accurate and dynamic way to visualise the designs of these documents.

At the recent HSP™ Latin America conference in Rio, the winner of the Regional Commemorative Banknote of the Year award was Banco de Guatemala (Banguat) for the Q1 quetzal. The Governor, Alvaro González Ricci, who received the award, also spoke about the banknote in his presentation at the conference.

In China, commemorative banknotes are more than just banknotes; they serve as carriers of significant historical memories, reflections of Chinese culture, and symbols of national achievements. Because of this, the country sets a high store on quality standards for each note. Among the features most valued by collectors is the presence of consecutive serial numbers – the more unique and uninterrupted the sequence, the greater the collectible value.

In last month’s Currency News™ we mused on whether inviting the public to provide input into new currency designs was a good or a bad thing. It has undoubted benefits, but also carries risks.

In the northern hemisphere, August has become the ‘go away’ month. Everything slows down and you can’t be sure that you’ll get a response. In those circumstances, we are risking affront by suggesting the need for a radical and fundamental review of cash and the cash cycle. Replies welcome!

The focus for this month’s summary of news from central bank annual reports and other sources are Mozambique, South Africa, and the UK.

The Central Bank of the UAE (CBUAE) and Bank of South Sudan have signed a Memorandum of Understanding (MoU) to establish a comprehensive cooperation framework in the areas of security printing, developing innovative solutions for switching and processing payment card transactions in South Sudan, and exchanging knowledge, experiences, and technical training.

As part of the pre-event agenda for Currency Research’s 2026 Banknote Conference in Washington DC (11-14 May 2026), the International Optical Technologies Association (IOTA) will host an in-depth workshop entitled Dynamic Security: The Science and Application of OVDs in Currency.

The Bank of Thailand has appointed Vitai Ratanakorn, the head of Thailand’s state-owned Government Savings Bank, as its next Governor, succeeding Sethaput Suthiwartnarueput.

Oberthur Fiduciaire was early to the environmental protection movement, having put in place its Earth365 strategy over 15 years ago, long before sustainability catapulted to the top of the cash industry’s agenda. The Earth365 strategy has provided a roadmap for everything the company does to minimise its impact, and that of its products, on the environment and, says the company, is now embedded in its corporate DNA.

The Central Bank of Mauritania has issued an upgraded new 50 ouguiya note celebrating the 50th anniversary of the currency, which was introduced in 1973 to replace the CFA franc (ouguiya is the Hassaniya Arabic pronunciation of ugiyyah, meaning ‘ounce’).

The Bank of Namibia has officially launched its upgraded Namibia dollar (N$) banknote series alongside a fully redesigned new Namibian coinage series, under the theme ‘Our Currency, Our Heritage, Our Pride – Meet the Next Generation of the Namibia Dollar’.

The Bank of England (BOE) and the European Central Bank (ECB) have both started the process of designing new banknote series. With counterfeiting levels low, the rationale for these new series seems to lie in a wish to ‘renew’ and ‘reinvigorate’ people and the idea of the nation (UK) or community (Europe). To deliver this, playing it ‘safe’ risks failure. Can the designers rise to the challenge?

Several countries utilise one or more of their coin denominations as so-called circulating commemoratives. These are legal tender and, more often than that, produced in sufficient quantities that they do circulate (rather than being snapped up by collectors). The design of (generally) the reverse changes periodically, however, to mark special occasions or reinforce particular national priorities or themes.

The Future of Cash Conference will unite leaders and innovators from across the global cash community, in Warsaw from 3-5 November.

The recent webinar ‘Seeing is Believing: Optical Features for High-Stakes Security’, held on 25 June, was the International Optical Technologies Association’s (IOTA) first public event under its new identity.

As noted in last month’s issue of Currency News, Ian Brigham of Spectra Systems Corporation presented their unique security feature’s contribution to the Casa de Moeda do Brasil’s new house note, the ‘Boa Sorte’ (or Good Luck). The note incorporates a level 3 taggant unique to Spectra’s Fusion™ polymer banknote substrate, as well as Kryptonome™, Oberthur Fiduciare’s new level 1 polymer-specific optical security feature (see CN June 2025).

At the recent HSP Latin America conference in Rio de Janeiro, a new category was introduced to the Regional Banknote of the Year Awards, namely – Best Environmental Project. CCL Secure received a special commendation for its Banknote Waste Management programme. This article gives the background and detail of the initiative.

Crane Currency has added yet another iteration of its micro-optics technology to its portfolio of security features – cBREEZE™. Engineered for high volume, lower value notes, it is designed with durability and cost-efficiency in mind, bringing the same visual dynamism and security as its sibling technology RAPID® HD, but in a simplified, more accessible and lower cost form.

One of the highlights of the Currency Technology Symposium was the tour of Louisenthal’s paper mill and features production centre just south of Munich, and in particular the chance to see its award- winning Banknote Fiber Extraction (BFE) system in action.

At a time when central banks in many European countries are distancing themselves from the business of banknote production, and/or focusing on digital alternatives to cash, the Banque de France (BdF) is going in the opposite direction – doubling down not just on printing but also substrate production through major investments. It has also restructured and bolstered the cash distribution infrastructure, taking proactive steps to ensure that French citizens have access its products!

Following hard on the heels of the National Bank of Belgium’s inauguration of its new cash centre (see CN June 2025), the Swiss National Bank has announced that it too will be moving its cash logistics from the current city centre location to a modern new purpose-built greenfield site.

The European Central Bank (ECB) has launched a public contest for the design of future euro banknotes – the next step in the euro banknote redesign process which will culminate in a decision in 2026.

What do you get when an industry leader, Giesecke+Devrient (G+D), brings together 175 central bankers / print works and 150 cash cycle experts from commercial banks and CITs into one room? A collective of knowledge, experience and focused thought that is willing to listen, challenge and reflect on the big issues affecting the sector.

As Currency News™ went to press, we learnt that the sale of De La Rue PLC to Atlas Holdings for £263 million – announced in April – has now completed. De La Rue will delist from the London Stock Exchange on 3 July and, shortly thereafter, re-register as a Private Limited Company.

Hueck Folien and IQ Structures, two leaders in banknote security features, have announced a strengthened partnership that builds on the success of their Nanovista™ venture, following what they describe as an overwhelmingly positive market response to their joint efforts.

The National Bank of Belgium (NBB) has officially inaugurated its new cash centre – an environment-friendly facility from where all cash logistics for Belgium will be coordinated.

As of early 2025, the Economic Policy Uncertainty Index has reached its highest levels this century, signalling a period of significant macroeconomic volatility. Similarly, the World Uncertainty Index (WUI) has nearly tripled, increasing from approximately 16,043 in Q1 2024 to around 48,146 in Q1 2025. This significant surge in uncertainty is global, affecting all regions.

In April last year, Glory – providers of cash management and automation systems – launched its 2026 Medium Term Management Plan, a three year business transformation project designed to help drive customers’ own digital transformation with best-in-class products and software platforms.

As Currency News™ went to press, we learnt that the sale of De La Rue PLC to Atlas Holdings for £263 million – announced in April – has now completed. De La Rue will delist from the London Stock Exchange and re-register as a Private Limited Company.

The Bank Indonesia (BI) office in Bali has come up with a novel – and appropriate – way to recycle end of life banknotes – by turning them into medals that were given to participants in the QRIS Summer Run Bali fun run.

Cash is not just a store of value or a transaction, it’s a means of mutual human connection – in other words, a handshake. So said Mark Gould, Chief Payments Executive at Federal Reserve Financial Services, in his keynote address at the Currency Conference in Bangkok in May.

In 2011, the International Association of Currency Affairs (IACA) held the inaugural Currency Hall of Fame (CHF) induction ceremony, providing a permanent public record and memorial of the outstanding achievements of very select individuals who have made a significant impact in the currency industry.

The presentation at HSP Latin America by Ian Brigham of Spectra Systems covered the new house note that has been produced by Casa da Moeda do Brasil on its Fusion™ polymer substrate. The ‘Boa Sorte’ note incorporates a level 3 taggant unique to Fusion as well as, for the first time, a new level 1 optical security feature from Oberthur - Kryptonome™.

For June, our summary of newly-published central bank annual and other reports takes a look at Canada, Chile, Costa Rica, and India.

CCL Secure – the pioneer in polymer substrates for banknotes – has launched a more sustainable version of GUARDIAN™ substrate, which builds on decades of work to drive greener outcomes with polymer banknotes. According to the company, independent evidence shows polymer banknotes lower emissions, reduce the use of raw materials, and limit waste through recycling, with more than 85% of GUARDIAN banknotes being recycled right now.

Olaf Sleijpen has succeeded Klaas Knot as President of De Nederlandsche Bank (DNB).

Hanoi-based Q&T Hi-Tech Polymer is the newest entrant to the market for polymer substrate market, and is already supplying its POLYSECURE® product for Vietnam’s banknotes. At the recent Currency Conference in Bangkok, the company unveiled its latest innovation – POLYSECURE® SHIELD.

This year’s High Security Printing (HSP) Latin America, the 12th edition of the conference, returned to Rio de Janeiro, where it all began with the inaugural event back in 2012.

The Cash Sustainability Forum has to date been held as a standalone event in Europe but, this year, it went regional for a one day workshop at HSP Latin America, held in conjunction with the International Currency Association.

The Bank of England has announced a public consultation into the redesign of its banknotes – the first in more than 50 years.

The Bank of Mauritius has issued a new Rs 100 banknote – the penultimate denomination in the series to switch to polymer.

The Regional Banknote and ID Document of the Year Awards form part of the industry’s High Security Printing (HSP) Latin America conference. The awards at this year’s event were presented at a special ceremony during the conference dinner on top of the iconic Sugarloaf Mountain.

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.

The National Bank of Kazakhstan has issued a commemorative 1,000 tenge note celebrating the 80th anniversary of the Great Victory and the end of World War II in Europe.

Currency News™ is publishing a round-up of all new banknotes and coins issued in 2024. This annual summary will be issued each year from now on, covering the previous year’s new issues.

The 32nd Mint Directors Conference (MDC) was held from 27–29 April 2025 in Cape Town, South Africa, co-hosted by the South African Mint. The event focused on merging traditional minting with modern technology via keynotes, workshops, and panel sessions. An awards ceremony recognised achievements in coin design and packaging (see CN April 2025).

Sensor and feature specialist Authentix has announced the launch of the banknote industry’s first CDI2 fitness solution – the GemVision™ Camera System, designed to help central banks lower currency management costs, combat counterfeiting, and improve the quality of circulating banknotes.

Koenig & Bauer Banknote Solutions (KBBS) has published its Banconota Spring/Summer edition dedicated to one subject, sustainability. The focus of the piece is how KBBS is helping its customers reduce the environmental impact of what they do.

Banknote security is an undisputable must. But what are the developing trends in banknote security, and how are industry suppliers meeting these challenges?

If every central bank and monetary authority were to consistently publish the number of banknotes in circulation, this article wouldn’t be necessary. However, that isn’t the case, and the question is raised every now then in discussions. Various estimates, some around 550 billion, are cited in industry reports and presentations, which prompted me to dig deeper as the numbers seemed low. This article highlights some of the challenges involved when considering the question and provides an estimate for further discussion.

This month, the focus of our periodic series of articles covering cash information in central bank annual and other reports is split between Europe and Asia, with updates from Germany, Portugal, Spain, Hong Kong, Korea and Sri Lanka.

The European Central Bank has published the production requirements for euro banknotes for 2026, which – at just under 1.95 billion – is nearly half that of 2025 (3.4 billion) and the second lowest figure since the euro was introduced in 2002 (the only year it was lower was in 2004). The value is €56 billion.

Giesecke+Devrient will hold its customer event – the G+D Currency Technology Symposium 2025 – from July 7-10 at its Munich headquarters. Themed ‘Currency Fast Forward,’ this event will examine the pivotal role of public currency as a foundation of trust in the rapidly evolving digital landscape, highlighting the indispensable role of cash as critical infrastructure, a public asset, and a key element of national security.

It’s an exciting time for Crane NXT. Crane NXT (‘CXT’ – NYSE) just completed the acquisition of De La Rue’s Authentication business, and combined it with its existing portfolio, the Smart Packaging assets of TruTag and brand protection specialist OpSec (acquired in 2024) to form a new company – Crane Authentication. Together with Crane Currency, these form the newly-created business unit Security & Authentication Technologies (SAT), which sits alongside Crane Payment Innovations.

As described in last month’s Currency News™, the new Caribbean guilder has now been issued. It’s been a long time coming, but well worth the wait.

The East African Community (EAC) has re-established the region’s Monetary Affairs Committee (MAC) following the appointment of new heads of central banks, bringing hope for new ideas to get the implementation of a single currency for the region back on track, after the initial deadline of 2024 was extended to 2031.

After years of debate about the future of the US one cent coin (penny), the US Treasury has now confirmed that its production will stop once stocks of blanks, the last order for which was placed this month, are used up.

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.

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.

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?

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.

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.

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 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.

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

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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).

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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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).

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

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

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.

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.

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.

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.

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.

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.

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

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?

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.