Danish Nationalbanken to stop printing banknotes

Denmark's national bank Nationalbanken has announced that it will cease the printing of banknotes and coins from 2016. From the press release:

"Although the volume of cash in circulation remains high in Denmark, demand for new banknotes and coins has been falling for some years, and Danmarks Nationalbank does not expect the trend to reverse. Underlying factors include declining use of banknotes for transactions, better recirculation of banknotes and an improved banknote quality so that banknotes have a longer life. All in all, this means that production of banknotes and coins at Danmarks Nationalbank is not economical and will not be economical in the future.

Consequently, Danmarks Nationalbank has decided to initiate a process to discontinue internal printing of banknotes and minting of coins during 2016. Like a number of other central banks, Danmarks Nationalbank will outsource these functions to external service providers. This decision is expected to yield total savings of kr. 100 million until 2020.

Danmarks Nationalbank will still be the Danish banknote and coin issuing authority and will retain its expertise within banknotes and coins. Only the actual production of banknotes and coins will be transferred from an internal department to external service providers."

Steven Friday 24 October 2014 at 12:03 pm | | news
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