After five years and an investment of c. €60 million, De La Rue’s new factory in Malta has been officially opened in the presence of the country’s Prime Minister, Robert Abela; and Silvio Schembri, Minister for the Economy, Enterprise and Strategic Projects. Described as a ‘supersite’, it will – says De La Rue – support the creation of world class, functionally excellent banknotes for the next 50 years and beyond.

Italy’s Carabinieri have dismantled a major transnational criminal network that used Telegram and Bitcoin to distribute counterfeit euros across Europe. The crackdown, code-named ‘Operation Domino’, culminated in the Carabinieri Anti-Counterfeiting Command Cryptocurrency Section executing court orders against 12 suspects.

Oberthur Fiduciaire unveiled two major additions to its Anima™ micro-optics platform – Anima™ Sign and Anima™ Colour – at the recent Global Currency Forum. Both innovations highlighted advances in machine readability and colour versatility, two increasingly important elements in next-generation banknote security, in addition to the integration of all the effects already available in Anima™.

One of the main most visual environmental impacts of banknotes is not in their production but their destruction – with incineration and landfill still being all-too-frequent methods of removal. In last month’s Currency News™, we reported on the results of the 2025 Banknote Recycling Study, the latest biennial survey from Royal Dutch Kusters Engineering (Kusters), which explored how central banks are handling the disposal of unfit notes in particular, and progress made (or not) since the previous survey of 2023.

In one of the keynote speeches at the Banknote Conference in Washington DC, the US Bureau of Engraving and Printing (BEP) presented its long-term transformation and modernisation strategy. This is in the context of a new series of banknotes, the first of which will be issued later the year, the postponement of a proposed new production site to replace that in the centre of the capital, and investments that have already seen a 33% reduction in some production costs.

The Swedish-based international provider of cash management solutions, Loomis AB, is making good on its strategy to expand in Latin America with its most significant acquisition to date, launching a Tender Offer Agreement (TOA) to acquire the Peruvian cash management firm Hermes Transportes Blindados SA. The enterprise value of approximately SEK 4 billion (US$380 million) on cash and debt free basis represents a 6.6x adjusted EBITDA multiple based on Hermes’ 2025 financial year.

At the recent Global Currency Forum in Antalya, Türkiye, De La Rue introduced OPTILIGHT™, a next-generation optical security platform for banknotes. OPTILIGHT™ combines nano-science, advanced optical engineering, and proprietary algorithms to deliver intuitive visual effects for public authentication.

ANDRITZ Schuler – the leading manufacturer of equipment for coin and medal production – has announced that, due to persistently challenging economic conditions, it is closing production at the site of its subsidiary ANDRITZ Gräbener in Netphen; Germany. In future, these products will be manufactured together with ANDRITZ Schuler’s systems at its headquarters in Göppingen, Germany.

The International Association of Currency Affairs (IACA) has announced the winners of two of the five award categories in their 2026 Excellence in Currency Awards. The winners were announced during the awards presentation at the recent Global Currency Forum in Antalya.

‘House Notes: Art, Design and Security in One’, the third issue of a special report from Currency News™ summarising the latest house notes, is now available to download and read.

Spectra Systems Corporation, a player in machine-readable high-speed banknote authentication, gaming security, and brand protection, has reported its highest profitability since inception in its recently announced annual results for 2025.

On its 50th anniversary, the foreign exchange company Travelex has published its first Travel Money Insights Report. The good news is the headline that 69% of travellers still choose cash.

There is just over a month remaining until the next iteration of the High Security Printing (HSP) conferences, with HSP Latin America scheduled to take place 1-3 June in Guatemala City, Guatemala.

Halton Regional Police Service, located in the province of Ontario, say they have dismantled an online operation that was selling counterfeit cash across Canada, leading to several arrests and nearly two dozen criminal charges.

This month, our periodic series of articles covering cash information in central bank annual reports focuses on three countries in Europe, with updates from Denmark, Portugal, and Spain.

Counterfeit banknote levels fell to a historic low of 0.64ppm in Albania last year, when only 107 counterfeits were seized in circulation. The largest share of counterfeit banknotes is made up of the 5,000 lekë denomination, followed by the 2,000 lekë and 1,000 lekë denominations.

ATMIA (the ATM Industry Association) has concluded a merger with ePayResources, a membership-based organisation for financial institutions and businesses focused on payments and a provider of payments education and compliance expertise in the US.

The Banknote Ethics Initiative (BnEI) has launched the BnEI 2.0 Audit Standard, which it terms a significant advancement in the organisation’s commitment to promoting ethical practices and compliance across the global banknote industry. All BnEI members will now be audited and accredited under the newly developed BnEI 2.0 framework.

As part of his satirical take on wealth and power, Mark Twain reputedly coined the idiom, ‘Money Talks’. But, he asked, if it does, do we know what it’s saying?’ To which I would add, ‘… and in what language?’

In the March issue of Currency News™, we reported on the webinar hosted by the International Association of Currency Affairs (IACA) the previous month on ‘The Future of Commercial Bank Cash Operations’, which is part of a series on the resilience of the cash cycle.

Following the introduction of the ZiG in April 2024 and public concerns on the quality of the then family of ZiG notes in circulation, the Reserve Bank of Zimbabwe (RBZ) undertook an evaluation to ensure that ZiG banknotes and coins remain relevant and supportive of economic activity.

It was three years ago this month that war broke out in Sudan. As has been previously, and frequently, reported in Currency News™, cash is the first and last resort in war-torn countries, as well as those affected by natural disasters. It is a matter of priority therefore, for the supply and distribution of currency to be maintained even in the most challenging of circumstances.

Royal Dutch Kusters Engineering has published its 2025 Banknote Recycling Study. Kusters is one of the banknote industry’s leading manufacturers of high security off-line destruction and shred handling equipment for banknotes and coins; the paper explores how central banks are handling the disposal of unfit notes in particular, and also some of their general sustainability activities, based on an extensive market survey.

As noted in last month’s Currency News, in the announcement of its record results for last year, Giesecke+Devrient reference TwinColors® as one of its latest currency innovations. So, what is it?

The Maldives Monetary Authority (MMA) has issued a new 10 rufiyaa banknote bearing the new symbol for the Maldivian rufiyaa.

Two of the workshops at the forthcoming Banknote Conference (11-14 May) are open to all delegates. They are running concurrently, however, so delegates will have to choose between one or the other.

Climate action is embedded in G+D Louisenthal’s environmental strategy, with enhanced transparency in greenhouse gas (GHG) emissions from operations and upstream and downstream value chains.

In an era where illicit trade has migrated from back alleys to encrypted chats and global marketplaces, safeguarding national currency requires more than just physical security features.

Reconnaissance International, co-publishers of Currency News, have launched DataVault 2.0, which has been comprehensively overhauled with a wealth of new information and an intuitive interface, and is now offered with a range of flexible subscription options to suit all budgets and research needs.

The Central Bank of Curaçao and Sint Maarten’s new 200 Caribbean guilder has won the International Bank Note Society’s (IBNS) Bank Note of the Year Award for 2025.

One of the currency industry’s premier global gatherings opens in Washington DC in little over a month. To be held from 11-14 May in the US capital, Banknote Conference 2026 will seek to reaffirm its reputation as arguably the leading technical forum devoted exclusively to banknote production, design, security, and circulation.

Bharatiya Reserve Bank Note Mudran Pvt Ltd (BRBNMPL), a wholly owned subsidiary of the Reserve Bank of India, has issued a global Expression of Interest (EOI/010/CO/2025-26) to establish a manufacturing facility for colour shift films (CSF), colour shift pigments (CSP), and related security features at its Mysuru site.

35 years ago, in 1991, Papua New Guinea (PNG) introduced its first polymer banknote – the 2 kina. This made it the first country after Australia to adopt the then new technology, and helped begin a period of change in currency across the Pacific region.

De La Rue held two workshops, at HSP Asia in Kuala Lumpur last December and HSP EMEA in Rabat this February respectively, on the topic of making informed currency choices. Central to making such choices is the company’s DLR Analytics platform, as described here.

According to the Australian Border Force (ABF), seizures of counterfeit banknotes have surged in the first six weeks of 2026 compared to last year. During this period, the ABF intercepted 57 packages containing $191,130 in fake currency at sorting facilities. While these detections are not included in standard, official parts-per-million (ppm) counterfeiting statistics, they highlight a growing security threat.

Giesecke+Devrient (G+D)’s 2025 results detail its strong order intake for the year, a record at €3.6 billion, highlighting its strong growth prospects in providing SecurityTech for mission critical infrastructure.

Monnaie de Paris (MdP) has announced strong financial and operational results for 2025, marking its sixth consecutive year of positive profitability and reinforcing the institution’s ongoing transformation. Contrary to forecasts of a decline in revenue following an ‘exceptional year’ in 2024, largely driven by the Paris Olympic and Paralympic Games, MdP has reported an historic turnover at year end.

Technological innovation is advancing at a pace that is transforming how societies pay, transact, and interact. Changes that once unfolded over decades now occur within years, fundamentally redefining the role and nature of money. As reflected in our new white paper ‘Currency Fast Forward – Future Developments of the Currency Cycle’, one insight stands above all: the future of money will not be determined by a choice between physical and digital forms, but by their ability to coexist and reinforce one another.

This article provides further light on a topic addressed in Currency News™ last May, namely the development of the number of banknotes in circulation. The estimate then was like a first trial and resulted globally in 921 billion banknotes. It was based on data available at the time consisting mostly of end-2023 or 2024 figures.

Recent financial results from Crane NXT highlight growing global demand for advanced authentication technologies, especially its platform of micro-optic security features for banknotes. In mid February the company reported strong performance for the fourth quarter and full year ending 31 December 2025, reflecting wider adoption of its currency and security solutions by central banks worldwide.

Orell Füssli has just released its 2025 annual report, which shows revenue up by 8% to CHF 272.8 million, operating profit up by 17.7% to CHF 41.3 million and net profit up by 31% to CHF 23 million.

Over the course of February and March, five of the leaders in the distribution and management of cash in circulation published their annual results for 2025 – ATM and self service specialists Diebold Nixdorf and NCR Atleos, and CIT and cash handling companies Prosegur, Brinks, and Loomis.

In the December issue of Currency News™ we ran an article entitled ‘Reports of the Death of Cash are Greatly Exaggerated’, paraphrasing Mark Twain’s immortal words in response to reading his own obituary. In it, we mused over how widescale reports of the death of cash are at odds with numerous investments around the world in banknote production and distribution.

The Bank of Uganda has issued a bid notice for a proof of concept (PoC) for currency processing machines.

In the evolving landscape of currency design, the boundary between scientific innovation and artistic expression is becoming increasingly blurred. Central banks have long sought features that are not only impossible to replicate but also intuitive for the public to verify.

Over the past few years, light-field imaging has been considered one of the more promising directions for next-generation document security features. By reproducing not only the intensity of light but also its direction, a light-field structure can create convincing 3D imagery that changes naturally when the viewing angle shifts. The result is an effect that is both visually striking and immediately verifiable by the naked eye.

‘Why don’t we celebrate cash more?’, we asked in the January edition of Currency News™. ‘And what better way to celebrate than an International Day of Cash (or World Cash Day)?’

The global cash landscape is undergoing profound transformation. Although digital payments continue to expand rapidly, cash remains an essential payment method for millions of consumers and retailers. This tension between declining usage and the enduring need for access is reshaping the way commercial banks operate. A recent IACA hosted webinar entitled ‘The Future of Commercial Bank Cash Operations’, which is the second in a series of events around key stakeholders in the cash cycle, brought together industry experts to explore how banks are adapting their cash operations and what the next decade may hold.

The International Association of Currency Affairs (IACA) has announced the finalists for the 2026 Excellence in Currency Awards, which are all technical and include four categories.

Out with the old, in with the wild! After 50 years of historical figures, the Bank of England is switching to nature-themed banknote designs. The Bank of England announced the theme came top in its public consultation, chosen by around 60% of the 44,000 respondents, ahead of architecture and landmarks (56%), historical figures (38%), arts, culture and sport (30%), innovation (23%), and noteworthy milestones (19%).

2026 is the Year of the Horse in the Chinese zodiac. And not just any old horse, but specifically the Fire Horse.

To celebrate 60 years of decimal currency, the Royal Australian Mint has released a limited-edition $1 circulating coin.

To celebrate 60 years of decimal currency, the Royal Australian Mint has released a limited-edition $1 circulating coin.

Formerly known as Money Matters, this article is a continuation of the periodic series utilising information drawn from DataVault, the powerful online database which enables users to search, sort and aggregate data on all of the world’s banknotes and circulating coins.

CCL Secure has been awarded a tender by the State Bank of Vietnam (SBV) to supply GUARDIAN™ polymer substrate for the 200,000 dong (VND) denomination.

The UK is navigating a pivotal moment in its national infrastructure, embarking on major security printing tenders totalling over £1 billion covering banknotes, passports, and excise-control stamps.

Further to the news that Pakistan’s federal government has formed a committee to investigate whether the 10 rupee banknote should be phased out in favour of its existing equivalent coin (see CN January 2026), a new currency management report has recommended that it should, noting that the shift could save the country billions.

Mali’s Ministry of Economy and Finance has said that claims circulating on social media about the imminent introduction of a common currency for the Alliance of Sahel States (AES) are false.

The Bank of Japan was joint winner of the Best New Banknote Series at the HSP Asia conference in Kuala Lumpur last December for the new 10,000, 5,000, and 1,000 yen notes.

The Bank of Papua New Guinea has issued a new 100 kina banknote, commemorating the first anniversary of the death of the late Sir Julius Chan, one of the nation’s most influential political and economic leaders.

On 8 March Switzerland is asking its citizens whether cash acceptance should be included in the constitution, something Slovakia introduced in December last year. On 1 January Australia introduced (limited) cash acceptance legislation and on 4 February the Netherlands passed its Cash Payments Act. It feels as if wherever you look action is being taken to safeguard cash.

David Iván Espinoza Torrico has been sworn in as the new President of the Central Bank of Bolivia, replacing Edwin Rojas Ulo who had been serving as Interim President.

This February, HSP EMEA marked its 21st edition with its largest event yet. For the first time, the conference was on the African continent (Rabat, in Morocco), highlighting the region’s growing economic momentum and role in global technology and development, particular as regards secure printing, identity management, and related technologies.

The Regional Banknote of the Year Awards form part of the High Security Printing (HSP) EMEA conference. This year there were awards for Best New Banknote, Best New Series and Best New Commemorative Banknote, along with Best House Note and, for the first time, Best New Process or Technology.

The National Bank of Ukraine has released a modified 200 hyrvnia (UAH) banknote. While the 2019 design and security features remain, the revised notes carry the slogan: ‘Glory to Ukraine! Glory to the Heroes!’

The Reserve Bank of Fiji (RBF) has introduced a new family of Fijian dollar banknotes, with a launch ceremony held on 2 December 2025. The notes – in denominations of $5, $10, $20, $50, and $100 – were designed and printed by Crane Currency on CCL Secure’s GUARDIAN™ substrate, and is the first polymer series to use the integrated MOTION SURFACE® micro-optic stripe on all denominations. The banknotes were issued on 2 January 2026.

In a separate development to its new app, BioBanknote, has developed a composting solution for the disposal of solid waste created in intaglio wiping solution, often referred to as ‘sludge’.

The Central Reserve Bank of Peru has issued a new version of the 200 soles banknote.

There is that saying, ‘you do what you measure’ and SMART (Specific, Measurable, Achievable, Realistic, Time-bound) objectives are part of all our lives. Measurement matters.

Following the overthrow of the Assad regime in late 2024, Syria’s transitional government introduced a re-designed and re-denominated series of banknotes at the beginning of 2026 (see CN January 2026). It did this as part of a monetary reform strategy aimed at re-establishing a sound banking sector based on financial stabilisation, transparent foreign exchange, secure digital payments, and sustainable financial inclusion.

On 11 February 2026, Europol announced that Operation DECOY III prevented an estimated €1.2 billion counterfeit banknotes and coins from entering circulation. This was a joint operation between customs and police organisations that were targeting criminal networks distributing fake currency through the post.

The Central Bank of Bolivia (CBB) has announced that, as a result of the plane crash that occurred on 27 February in the district of El Alto (part of the capital, La Paz), banknotes in the denominations of Bs10, Bs20 and Bs50 of Series B, corresponding to the New Boliviano Banknote Series, are no longer legal tender.

Banque de France (BdF), the Oesterreichische Nationalbank (OeNB), and Banco de Portugal (BdP) are strengthening their cooperation in the field of banknote production, building on ties dating back to 2017.

444,000 counterfeit euro banknotes were withdrawn from circulation in 2025, according to the European Central Bank. This is a decrease of more than 20% compared with 2024, and a reversal of the trend which had seen numbers climb since 2021. In terms of the counterfeiting ratio, for 2025 it was 14 ppm, compared with 18 ppm the previous year.

Finding that one specific article in Currency News™ can sometimes feel like searching for a needle in a haystack. Whether you are flipping through physical archives or scrolling through endless PDFs, the process can be time-consuming and frustrating.

Ethiopia is apparently done waiting on foreign firms to print its cash. At the Finance Forward 2026 conference in Addis Ababa, Prime Minister Abiy Ahmed made it official: the country is moving to print its own currency. For decades, the Ethiopian birr has been produced overseas, but the government is now betting that ‘monetary sovereignty’ is worth the massive upfront investment.

The High Security Printing (HSP) EMEA conference, organised by Reconnaissance (publishers of Currency News™) takes place in Rabat, Morocco from 9-11 February.

The CB+DC Conference, which focuses on digital currencies and payments, will hold two events in 2026, one in Kuala Lumpur hosted at Sasana Kijang, the Bank Negara Malaysia’s training facility, 12–14 May and one in Amsterdam 27–29 October. Registration is now open.

DataVault tells us that the use of patches on banknotes is increasing, albeit from a low base. In 1999 two issuers had applied a patch to their currency, as of late 2025 the number was 32, just under 20%. The adoption rate is slow but steady. The uptake appears to have no regional or size bias. From Jersey through to Nigeria.

Currency Publications now offers two data sources on banknotes and coins – one included in your subscription, and the other for an additional subscription. One is a reference tool, and the other a research tool, and they fulfil different, but complementary functions.

Challenging long established companies in a deeply conservative market is a daunting prospect, and yet that is what Q&T Hi-Tech Polymer (Q&T) has done.

Banknote security specialist Hueck Folien has acquired California-based WaveFront Technology LLC, transforming the Austrian firm into a ‘full-liner’ with end-to-end control over the security feature lifecycle. By integrating WaveFront’s 30-year expertise in micro and nanostructures, Hueck Folien says that it secures strategic independence and the ability to originate custom optical designs in-house. The value of the transaction was not disclosed.

The Indian government has approved a ₹18 billion (£144 million) proposal to establish a new Cylindrical Mould Watermark Banknote (CWBN) production line. This line will have an annual capacity of 6,000 tonnes of high security paper for banknotes, non-judicial stamp paper, and passports.

Currency Research, in collaboration with currency practitioners from African central banks, has launched a new international research initiative to examine global cash usage trends and the future role of physical currency in a rapidly evolving payments landscape.

Some big changes in the Indian ATM market are planned over the next six months with 17,350 new machines, 75% of which will be capable of cash recycling.

On 1 January 2026, the euro replaced the Bulgarian lev, making Bulgaria the 21st of European Union’s 27 member states to join the eurozone, following Croatia’s entry in 2023. This means 358 million Europeans now use the euro as their currency.

The readers of this article are likely to agree that cash, whether banknotes or coins, is a wonderful thing. Although the siren call of convenience is luring people to digital alternatives, cash remains part of the fabric of our societal DNA.

As we reported in the final issue of 2025, the currency industry appears to be booming. We posited on various reasons why – geopolitical uncertainty, rebuilding of strategic stocks, economic growth in the Global South in particular, shorter design cycles with more frequent upgrades and new issues, and the occasional large lumpiness of overspill orders.

The South African Reserve Bank (SARB) has announced plans to modernise how money is circulated, accessed, and managed in the country with the largest overhaul of its cash system in decades. Through its Cash Smart Strategy (CSS), part of its Payments Ecosystem Modernisation (PEM) Programme, it intends to create a cash-management company, roll out white-label ATMs, and tighten oversight of cash distribution, aiming to make the system cheaper, safer, and more accessible.

We invariably cover the financial results of the public (listed) companies in our sector, certainly annually and sometimes their interim results too, as a means of taking the temperature of the industry. To supplement this is Industry Watch, now published annually rather than quarterly, which specifically looks at their share prices over the period of the preceding year.

Celebrating the 35th Africa Cup of Nations (AFCON), which took place December to January in Rabat and was eventually won by Senegal, Morocco’s Bank Al-Maghrib has issued a commemorative 250 dirham silver coin and a commemorative 100 dirham banknote.

There’s something about currency conferences held in Africa! They may not always run with clockwork precision, but they are among the most memorable and vibrant events on the conference calendar, creating an ambience that is uniquely conducive to relationship building and the sharing of stories.

China Banknote Designing and Engraving Co (CBDE) is a state-owned enterprise under China Banknote Printing and Minting Corporation and a high-tech enterprise approved by the People’s Bank of China. Established in 2001, its core business has been the design and engraving of the national currency. At the same time, it has engaged in the research and development of plate inspection system technology, using technological upgrades to support high security printing.

The International Currency Association has a busy year ahead, with the upcoming Global Currency Forum taking place this April, a major study on the social value of cash in the making, an expansion of the Cash Matters social media campaign and, in the most recent development, the arrival of several new members from the minting community.

Syria has issued a new currency, removing portraits of the Assad family and redenominating to remove two zeroes.

The International Currency Association and the International Mint Industry Association have announced that they will merge to become a combined industry association. The two organisations will join forces under the ICA umbrella, aiming to unite the global currency industry more closely and strengthen the collective voice for cash, including both banknotes and coins.

Currency Research, in collaboration with currency practitioners from African central banks, has launched a new international research initiative to examine global cash usage trends and the future role of physical currency in a rapidly evolving payments landscape.