Mark Carney new governor Bank of England

Mark CarneyTo a lot of people’s surprise Canadian Mark Carney has been named as the new governor of the Bank of England. He is currently the governor of the Bank of Canada and will be the first non-Brit to hold the position in England. 

Update: A thoughtful remark by Banknotenews on the same subject: "The move will likely mean new signature varieties for Canada's banknotes, but not for those in Great Britain, where the notes are signed by the chief cashier."

Steven Monday 26 November 2012 at 9:45 pm | | news | No comments
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Syrian banknotes from Russia

Some months ago there were questions being asked where Syria gets its new banknotes from. The 2009 issues (P112-P114) were printed by Oesterreichische Banknoten- und Sicherheitsdruck in Austria but due to sanctions by the EU against the Syrian regime, that printer was no longer available. Most people believed that the new printer would be Goznak, Russia’s biggest security printer. A fact flatly denied by the governor of the Syrian Central Bank (update: ...but which in the mean time has been confirmed by Goznak themselves). 

But now new evidence has surfaced. Flight records show that massive amounts of cash have been flown from Russia to Syria. About 240 tons of banknotes to be precise! These are needed by the Syrian regime to cope with the international sanctions and to pay the war effort.

The plane being named in the documents (© Flickr user Jerome_K)

Steven Monday 26 November 2012 at 7:50 pm | | news | No comments
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No 3000 Ruble banknote

And then the banknote that will not be issued: the 3000 Rubel from Russia. Officials dismissed the rumors which had started on a website of a local politician. The idea was that this banknote would fill the gap between the 1000 and 5000 Rubel banknote. The 5000 Rubel being the last new banknote to be issued in Russia. But this banknote is virtually useless in daily payments due to lack of change in shops. The 3000 Rubel banknote might be a solution but not in the near future. A professor in graphic design made a design of the proposed banknote with scenes of Yekaterinburg on it. Quite a good looking note to be honest.

Design for the 3000 Ruble

Steven Monday 26 November 2012 at 1:26 pm | | news | No comments
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Zambia to delete three zeros

The Bank of Zambia has announced that the kwacha will be rebased by dividing it by 1,000, dropping three zeros off the currency, on January 1. Now Zambia has a K50,000 note, but this is worth less than $10. The Bank of Zambia said this resulted in inconvenience and risks in carrying large sums of money for transactions. It has also led to increasing difficulties in maintaining bookkeeping and statistical records, ensuring compatibility with data-processing software and higher costs in the payment system.

Zambia currently has banknotes for K20, K50, K100, K500, K1,000, K5,000, K10,000, K20,000 and K50,000. It has coins for K10, K5, K1, 50 ngwee and 25 ngwee. After January 1 there will be a new note series for K100, K50, K20, K10, K5 and K2 and coins for K1, 50 ngwee, 10 ngwee and five ngwee.

From July 1 next year, the old currency will not be accepted, but it will be exchangeable for a year thereafter for the new currency at the Bank of Zambia, commercial banks and designated agents. The new currency will get the symbol K. From July 1 2014 to December 31 2015, exchanges will be at the Bank of Zambia only and thereafter old currency will have no value. Click the popup to see the new banknotes:

The new banknotes

Source

Steven Monday 26 November 2012 at 08:40 am | | news | No comments
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More short news from India

First is the ten Rupees banknote from India. The Reserve Bank of India has announced that these will be gradually replaced by coins. The average life span of the 10 Rupees banknotes is 9-10 months. To have banknotes with such a short life span is not cost effective. At the same time they will begin to experiment with polymer banknotes to prolong the life of especially the lower denominations. Source

Steven Monday 26 November 2012 at 07:36 am | | news | No comments
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Short news

Short news from India:

The Reserve Bank of India will shortly issue `10 denomination Banknotes with Rupee Symbol (`) on the obverse and the reverse, inset letter ‘A’ in both the numbering panels, in the Mahatma Gandhi Series-2005 bearing the signature of Dr. D. Subbarao, Governor , Reserve Bank of India, and the year of printing ‘2012’ printed on the reverse of the Banknote. The design of these notes to be issued now is similar in all respects to the `10 Banknotes in Mahatma Gandhi Series- 2005, issued earlier. All the Banknotes in the denomination of `10 issued by the Bank in the past will continue to be legal tender.

Source

Steven Saturday 24 November 2012 at 08:28 am | | news | No comments
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50 and 1000 Krona will become invalid after 2013

Tuesday I wrote about the 50 and 1000 Krona from Sweden which will become invalid after 31 December 2013. More news is available now from the website of the Swedish Central Bank, the Sveriges Riksbank. This is part of the preparations for the replacement of the current banknote series which will begin in 2015. From the website:

Schedule for the introduction of Sweden’s new banknotes and coins

  • 31 December 2013 is the last date you can make payments using 50-krona and 1,000-krona banknotes that do not have foil strips.
  • October 2015 is when the new 20-krona, 50-krona, 200-krona and 1,000-krona banknotes will be issued.
  • 30 June 2016 is the last date you can use the current 20-krona notes and the 50-krona and 1,000-krona banknotes that have foil strips.
  • October 2016 the new 100-krona and 500-krona banknotes will be issued, along with the 1-krona, 2-krona and 5-krona coins.
  • 30 June 2017 is the last date you can pay using the current 100-krona and 500-krona banknotes with foil strips and the current 1-krona, 2-krona and 5-krona coins.
© Banknoteworld

Steven Thursday 22 November 2012 at 08:03 am | | news | No comments
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Short news

Sweden: 50-krona and 1,000-krona banknotes without foil strips will become invalid after 31 December 2013. Source: Sveriges Riksbank.

United Arab Emirates: the new 50 Dirhams note which was announced on 23 July 2012 has been issued dated 2011. It has  a new 3-mm wide color-shifting security thread and it bears the new coat of arms which was adopted on 22 March 2008. Source: MRI Bankers' Guide.

Source: Central Bank of the United Arab Emirates

Steven Tuesday 20 November 2012 at 2:49 pm | | news | No comments

New banknotes for Israel announced

The Bank of Israel has announced new banknotes. In the second half of 2013 the first two new banknotes will be issued: 50 NIS and 200 NIS (NIS = New Israeli Shekel). Two other notes of 20 NIS and 100 NIS will be released in the beginning of 2014. The following list shows the new design features and links to additional information on the people who's portraits are used:

 
NIS 20
NIS 50
NIS 100
NIS 200
Portrait
Dominant color:
Red
Green
Orange
Blue
Size (in mm)
129x71
136x71
143x71
150x71
 

Steven Friday 16 November 2012 at 06:21 am | | news | No comments
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Larger denominations for Azerbaijan

Azerbaijan is planning to issue new and larger denominations into the country. Right now they have banknotes of 1, 5, 10, 20, 50 and 100 manat but notes of 200 and 500 manat have now been announced by the Central Bank of Azerbaijan. You can find more info on this website.

Steven Thursday 15 November 2012 at 08:40 am | | news | No comments
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Disappointing results for De la Rue

De la RueYesterday I wrote about disappointing results for the parent company of Landqart Paper but they are not the only banknote printer who has worried investors with their results. De la Rue, the worlds biggest commercial printer of banknotes, has also published disappointing figures. In response its shares dropped 7%.

De la Rue commented on the figures by pointing out that orders have been delayed and can't be added to this fiscal year. They won't tell which orders, but a persistent rumour says De la Rue has secretly been printing Greek drachma banknotes which could be issued right away in case Greece is forced to leave the euro.

De la Rue is the world's largest commercial banknote printer and responsible for 150 currencies. That means 1 in 5 of every type of banknote being used in the world right now, is printed by De la Rue. Other printers can be found here.

Steven Wednesday 14 November 2012 at 10:07 am | | news | No comments
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Paper Money Fair IBNS Netherlands

The IBNS Netherlands will hold its annual fair on the 8th of December this year. Admission is free for members and €2 for non-members. After the fair the annual meeting will take place at which time a new board will be elected.

The fair will be held from 10:00-16:00 at Hotel Lapershoek, Utrechtseweg 16 in Hilversum. The members meeting will start at 16:30 at the same location.

More info (in Dutch) here.

Steven Wednesday 14 November 2012 at 08:49 am | | news | No comments
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