A surprise announcement was made last night by India’s Prime Minister who advised that the 1,000 and 500 rupee banknotes have been scrapped. The move is part of a crackdown on corruption and illegal cash holdings. During his address, Prime Minister Narendra Modi said that “Black money and corruption are the biggest obstacles in eradicating…
It is reported that the government of Venezuela is planning to issue new high value banknotes this December. The country’s economy has faced hyperinflation in recent years and it is forecast to reach 1,600% next year. The bolivar was revalued in 2008 at a ratio of 1 to 1,000, and the new currency, complete with…
Somalia is working with the International Monetary Fund (IMF) to reform its national currency, with the aim of restoring the credibility of the Somali shilling by issuing a new SOS 1,000 banknote. A report produced by the IMF highlights the problems found within the African country, where 95 percent of the currency in circulation is the US…
Zimbabwe is suffering from a shortage of cash in the form of US dollars, the main accepted currency in the country since it abandoned its own in 2009 following sustained hyperinflation. A press release issued yesterday by the Governor of the Reserve Bank of Zimbabwe, DR. J.P. Mangudya, has highlighted the Zimbabwe cash shortage, and…
Sveriges Riksbank, the Central Bank of Sweden, has served a notice to the Swedish parliament calling for access to cash to be a legal right. The notice, which was submitted to the country’s Ministry of Finance on the 16 March 2016, asks for the nation’s banks to provide a cash service to ensure access to accounts…
According to African news agency StarAfrica, the Central Bank of Lesotho has revealed that it will be launching a new M200 banknote in April this year as part of the current series of banknotes launched in 2010 featuring three generations of the Basotho kings. “The old M200 banknote featuring the portrait of the founding father of…
Argentina’s Central Bank said on Friday that it would issue higher denomination banknotes during the next two years, addressing rising inflation rates within the country. The highest banknote is currently the 100 peso note, but the Central Bank of Argentina aims to start circulating new 200 and 500 peso banknotes by the end of 2016…
According to online news sources, Zimbabwe has announced that it will make the Chinese yuan legal tender following confirmation that China would cancel $40 million in debts. During a statement by the country’s minister Patrick Chinamasa regarding the debt cancellation, it was advised that Zimbabwe would start using the Chinese yuan as it seeks to increase trade…
Have you ever wondered about that banknote in your wallet? Where was it made? How old is it? How many times has it been used in transactions? What will happen to it in future? To find out, watch this interesting film made by the European Central Bank about the life cycle of a euro banknote.
On Monday 16 February 2015 the Riksbank, the Central Bank of Sweden, introduced its new series of banknotes and coins. It is the first series to be launched in 30 years, and the new designs include a new denomination 200 krona banknote and 2 krona coin – the 2 krona coin was last issued in…