According to a report by online news source the Pakistan Tribe, Pakistan’s currency in circulation increased from Rs 1,224 billion to Rs 2,500 billion between 2009 and 2014, an increase of 104%. The State Bank of Pakistan’s (SBP) Deputy Governor of Operations, Mr Kazi Abdul Maktadir, discussed Pakistan’s rising currency in circulation during the Conference…
According to a report by Giesecke & Devrient, the use of pre-paid payment cards is quickly increasing in India. There are around 17 million pre-paid payment cards currently in use, compared to 316 million credit and debit cards, but the gap is steadily decreasing. There are many people in India who do not have an…
On Monday 3 February, the Hiroshima based coin-manufacturing department of Japan’s Finance Ministry resumed the production of aluminium ¥1 coins for the first time in four years. This is thought to be in preparation for the consumption tax increase which will occur on April 1, 2014. A shortage of ¥1 coins is expected amongst retailers…
It is known by many that Japan is a country which is very technically advanced. Cashless payments are commonly used in daily transactions and it would appear that Japan could be the ideal “Cashless Society”. Except it’s not. Total currency in circulation at the end of 2013 rose to Y90 trillion (US$860 billion) in Japan,…
The Central Bank of Sri Lanka has recently said that around 22 tonnes of their rupee coins are currently in India, having been left in religious places such as temples, churches and kovils. Sri Lankans on religious pilgrimage leave the coins as offerings, as well as items such as food, flowers or incense. However, the…
A local news agency (Jiji Press) has reported that Japan’s Ministry of Finance has launched a promotion campaign to attract orders to print foreign banknotes. The National Printing Bureau (NPB), Tokyo, is highlighting Japan’s “cutting-edge anti-counterfeit technologies” in the hope of attracting orders. They will also offer passport printing services in addition to the current…
On the 1st April 2013 the Bank of Thailand released the new Series 16 20-Baht banknote into circulation. It replaces its previous version which has been in circulation since 2003. In a press release issued by the Bank of Thailand, Mrs. Tongurai Limpiti (Deputy Governor) stated that the new design incorporates “new advanced counterfeit deterrent…
It has been advised that the Reserve Bank of India (RBI) plans to gradually replace all Rs10 banknotes with coins. The Rs10 coin was released into circulation in March 2009, alongside the RS10 banknote. It is reported that the current lifespan of an Rs10 banknote is only 9-10 months, which can be a challenge for…