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Sudan Central Bank issues new 50-pound banknote

Banknotes, NewsBy SMI 07/06/2018

The Central Bank of Sudan has issued a new 50-pound circulating banknote in response to a rise in counterfeit currency in the country. Inflation in Sudan has been growing, and was recorded at 57.7% in April this year. The spread of counterfeit banknotes has been cited as the cause in an increase in liquidity, pushing up prices for…

Euro Counterfeits remain low during 2017

Banknotes, NewsBy SMI 29/01/2018

The European Central Bank has released its banknote counterfeiting figures for the second half of 2017, showing a slight increase compared to the previous period yet still remain low. A total of 363,000 counterfeit notes were withdrawn during the second half of 2017, an increase of 9.7% compared with the first half of the year.…

Bank of England launches Banknote Checking Scheme

Banknotes, NewsBy SMI 12/10/2017

The Bank of England has launched a new Banknote Checking Scheme to reduce the number of counterfeit banknotes being accepted by businesses. The Scheme, launched by the Bank of England on the 10 October, is aimed at cash-handling businesses and, it says, promotes the checking of banknotes at the point of sale (POS) through targeted training. By…

Counterfeit euro banknotes decrease during 2017

Banknotes, Currency, NewsBy SMI 24/07/2017

The number of counterfeit euro banknotes recorded during the first half of 2017 has decreased compared with the previous six months, but remains on par with the first half of 2016. The European Central Bank has released its latest figures revealing the number of counterfeit euro banknotes identified during the first half of 2017. A total of…

Counterfeit euro banknotes remain low during 2016

Banknotes, NewsBy SMI 30/01/2017

There has been a drop in the number of counterfeit euro banknotes detected during 2016 compared to the previous two years, according to the latest figures from the European Central Bank (ECB). In total, 684 thousand counterfeit banknotes were withdrawn from circulation during 2016, a 23.9% reduction from those withdrawn in 2015 and an 18.4%…

Counterfeit euro banknotes decline in 2016

Banknotes, NewsBy SMI 23/07/2016

The counterfeiting of euro banknotes has decreased during the first half of 2016, figures from the European Central Bank show. The counterfeiting of euro banknotes has decreased during the first half of 2016, figures from the European Central Bank show. During the first half of 2016, 331,000 counterfeit euro banknotes were withdrawn from circulation. This continues…

IMF helps Somalia with currency reform

Banknotes, Currency, NewsBy SMI 01/06/2016

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…

BCEAO confirms there is no new banknote

Banknotes, NewsBy SMI 11/04/2016

Since the 1 April 2016 there have been several reports published by local online news agencies that a new 50,000 West African franc banknote will be issued into circulation from the 30 April. Included in the reports is an image depicting how the note will look. However, a statement has been issued by the BCEAO (the Banque Centrale des Etats de…

Royal Mint starts £1 coin production

Coin, NewsBy SMI 01/04/2016

The new 12 sided £1 coin has officially gone into production a year before it is due to be issued into circulation, with the UK’s Royal Mint producing the coins at a rate of 4,000 coins per minute and the aim of producing 1.4 billion of the new coins. The UK’s Chancellor of the Exchequer, George Osborne,…

Australia sees rise in counterfeit banknotes

Banknotes, NewsBy SMI 29/02/2016

There have been several reports in the global media regarding an increase of counterfeit banknotes in Australia. The sources relate to the Reserve Bank of Australia’s Annual Report which identified a 63% increase in counterfeit banknotes withdrawn from circulation during the 2014/15 period. This equated to 37,000 notes with a nominal value of $2.0 million, which…