Morocco new 25-dirham note to be world’s first printed on Durasafe substrate

Morocco new 25 Dirham

According to a press release dated 18 December 2012, Fortress Paper has announced the launch of the world’s first banknote printed on its new Durasafe substrate, an innovative paper-polymer-paper composite substrate produced at its Landqart mill. The new Swiss 50-franc note had been expected to be the first in the world to use Durasafe, but its introduction has been delayed until 2015 at the earliest due to technical difficulties encountered in the note’s production.

With the issuance of the new Moroccan 25-dirham (US$3) note scheduled for this month, Bank al Maghrib, Morocco’s central bank, will become the first in the world to issue a banknote printed on Durasafe. The front of the banknote features an intaglio vignette and a watermark of King Mohammed VI, and a magenta/green color-shift security thread developed by Fortress Optical Features. The thread, like the watermark, is embedded inside the banknote yet visible behind a one-sided Viewsafe polymer window. It also has a fully transparent polymer window embossed with the King’s royal crest. The back of the note carries a print vignette commemorating 25 years of banknote printing at the Moroccan State Printing Works, Dar As Sikkah.

Libya new notes to be issued at end of January 2013

libya_cbl_1_d_f

1 dinar – Front: Unknown. Back: Flag of Libya and peace doves.

Zambia zeroes in on new banknotes

Zambia zeroes

WHILE South Africans get used to the new banknote series, with the Big Five moved to the back of the notes, Zambia is preparing to remove three zeros from its money.

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.

Zimbabwe’s regular and drastic currency rebasing a few years ago might have created the impression that dropping zeros is a desperate and cosmetic exercise, but analysts say it is often necessary to rebase a currency, ideally when an economy is stable and growing.

“Currency rebasing is usually implemented when there is a need to address costs associated with an accumulated loss in value of the currency that undermines its basic function as a store of value, medium of exchange and measure of value,” said Janine Botha, economist at NKC Independent Economists.

The Bank of Zambia said high kwacha denominations were the result of high inflation for a long time. Zambia had very high inflation in the 1990s and early 2000s. Its inflation peaked at 188% in 1993.

Is this the end of paper banknotes?

Paper money could be replaced within three years after being used for more than three centuries.

Plastic banknotes are set to be introduced in Britain, replacing the paper money used for more than 300 years.

The radical overhaul could see the more durable, waterproof and harder-to-counterfeit polymer sterling notes in circulation within three years.

The Bank of England has put out a £1billion tender from 2015 for the printing of notes at its press in Debden, Essex.

Part of this process demands that bidders are able to cope with the change from paper to plastic from the start of the contract.

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