BanknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More Production and Sovereignty

A Deutsche Welle article, also referenced by Africa.com, examines why most African countries import their banknotes from Europe decades after their independence. “More than two-thirds of Africa’s 54 countries print their moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More overseas, mostly in Europe and in North America. It comes when the African Union is trying to usher in a golden, made-in-Africa age that should see Africa beef up production and enjoy greater profits. Printing banknotes in Africa would boost profits on the continent and, at least theoretically, African countries could choose those with printing capabilities since there’s likely some idle capacity,” says DW.

The Star of Mysore and Devdiscourse report that the Governor of the Reserve BankSee Central bank. More of India has opened Varnika, a new ink manufacturing unit in Mysore that aims at ensuring cost-efficiency and self-sufficiency in banknote production in line with the “Make in India” initiative. “This is in line with India’s march towards achieving complete self-reliance to commence manufacturing of all critical and key raw materials used in printing banknotes,” said the Governor.

The Thai Public Broadcasting Service (Thai PBS) reports that banknote paperThe most widely used banknote substrate throughout history, usually made from cotton, of short fibres, which give a banknote special characteristics of touch, sound and firmness. It can include other fibres of different origins. More is expected to be delivered by plane to Myanmar. The new materials are being sourced from Uzbekistan, according to the article. Giesecke and Devrient, the previous substrateThe physical media or support on which the image is printed, such as paper, polymer or hybrid, etc. More supplier, halted deliveries following the June 2021 military coup.

CashMoney in physical form such as banknotes and coins. More Demand

The Times of India analysed why cash in circulationThe value (or number of units) of the banknotes and coins in circulation within an economy. Cash in circulation is included in the M1 monetary aggregate and comprises only the banknotes and coins in circulation outside the Monetary Financial Institutions (MFI), as stated in the consolidated balance sheet of the MFIs, which means that the cash issued and held by the MFIs has been subtracted (“cash reserves”). Cash in circulation does not include the balance of the central bank’s own banknot... More hit an all-time high in March 2022, despite the surge in digital payments. In March 2022, cash in circulation grew 9.2% year-on-year. The number of ATMs also experienced steady growth with 252,000 cash dispensers in January 2022 and 640,000 micro-ATMs – Point-of-Sale devices, which enable retailers to offer cash services. “Consumer behaviour suggests that during situations like a pandemic or during festival months, cash has always been preferred. While digital transactions continue to surge, cash remains an equal catalyst in bridging the financial divide and driving empowerment for the masses,” said Rustom Irani, Managing Director of Hitachi PaymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More Services.

USA Today reports that the United States faces a shortage of coins again, leading trade associations representing small businesses, retailers, and others to write a letter to Treasury Secretary Janet Yellen stressing that the “consequences of a coinA coin is a small, flat, round piece of metal alloy (or combination of metals) used primarily as legal tender. Issued by government, they are standardised in weight and composition and are produced at ‘mints’. More circulation slowdown fall hardest on consumers that do not have the ability to pay electronically. If retailers are not able to offer changeThis is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. More for cash purchases, consumers who rely on cash will be vulnerable.”

Cash Innovations

The New Statesman analyses how the shift to online banking and the closure of ATMs and branches financially excludes vulnerable people in the United Kingdom. The author stresses that this need not be the case and lists a series of innovations that could ensure continued access to cash. This includes:

• Banking hubs, shared facilities where different banks could take turns to provide cash services.
• Banks offered physical posting of cash during the pandemic.
• Barclays, Natwest, and Tesco Bank provide cash delivery services.
• Pre-paid cards allow for trusted third-party cash withdrawals.
• Sonect allows customers to click and collect cash from a shop.
• Shrap loads small change onto a virtual card.

New Banknotes

The Bank of Albania issued the last two denominations of the new banknote series  (500 Lekë and 2000 Lekë) on 17 January 2022, says Kurz.

Fiji has unveiled its latest $7 commemorative circulation banknote, celebrating Fiji’s Rugby 7s gold and bronzeA reddish–coloured alloy of copper and tin with a special sound and high level of resistance to deformation; it sometimes incorporates also small amounts of other elements such as zinc and phosphorus. More medalTraditionally, a coin-shaped artistic piece with no face value, made for religious, honorary and other commemorative purposes. More wins at the Tokyo Olympics 2020. It follows the renowned initial $7 commemorative banknoteA legal tender banknote issued by a central bank to mark the occasion of a special event, or in remembrance of a person. These banknotes tend to have special features of design, structure and composition. Their production may be limited in number of prints. Not all countries issue commemorative banknotes. More issued in 2017 following the Rio Olympics. The commemorative banknote is legal tenderMoney that is legally valid for the payment of debts and must be accepted for that purpose when offered. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered (“tendered”) in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. More and will be issued into circulation. Given its special commemorative nature and the limited number produced, it is expected to be of value as collectors’ items both locally and abroad.

The Casa de Moneda of Chile, the country’s coin and banknote manufacturer, presented a polymerA substrate used in the printing of banknotes, made of biaxially oriented polypropylene (BOPP) polymer. Polymer banknotes were first introduced in Australia and are widely used around the world. More note honoring its 279th anniversary at the High-Security Printing Latin America 2022 conference in Mexico City from March 14 to 16, showcasing its capacity to print high-security banknotes for other countries in the region and the world, reports Coinworld.

GlasgowLive announces that a new Bank of Scotland £100 note will circulate next month, featuring Dr. Flora Murray, medical pioneer, suffragette, and feminist.

The Bank of Thailand launched a new 20 Baht polymer – and not polyester as reported by Thaiger –  banknote on 24 March. The Bank of Thailand expects the new banknote to be cleaner and more durable than the paperSee Banknote paper. More counterpart, remaining legal tender.

The Jamaica Observer reports that the central bank recommends upgrading the current banknote series to the government. Several reasons are cited for the upgrade: reducing production costs and counterfeiting, adding features for the visually impaired, and reviewing the denominationEach individual value in a series of banknotes or coins. More mix.

The complete list of articles is available here.

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