Archive for February, 2012

Iraq To Introduce New Banknotes In September

This week, the Central Bank of Iraq announced its intentions to redenominate its currency and print a new series of banknotes by September 2012. According to an article published by The Kurdish Globe, the central bank will introduce three new banknotes: 50 dinars, 100 dinars and 200 dinars. The denominations are a change from old […]

‘Class A’ Fake Notes

Increasingly sophisticated techniques with counterfeiters are throwing up a huge challenge to authorities and money exchange houses with to forge notes with most of the security features used in real currencies, said forensic experts in Dubai. The Indian rupee has emerged as the currency of choice, overtaking the US dollar in 2011 by currency forgers, accounting for 10,700 […]

UK Airports Scrap Iris Scanners In Favour Of E-Passports

Six years after installing iris recognition scanners at several airports throughout the UK, the region’s border agency will scrap the technology in favour of electronic passports. Iris Recognition Immigration System (IRIS) terminals have already closed at the airports in Birmingham and Manchester, and the remaining terminals at Heathrow and Gatwick will be shut down after […]

France Says Goodbye To The Franc

Ten years after instituting the euro as the national currency, France said goodbye to the franc this weekend. According to the American Foreign Press (AFP), hundreds of people lined up at the offices of France’s central bank on Friday to exchange old francs for euro banknotes as it was the last day mandated by the […]

Scotland Seeks Out Currency Options

In the face of a looming referendum that could see Scotland proclaim its independence from the UK, politicians have begun fielding questions on the issue of the country’s currency. If Scotland gains independence, they will have to choose whether or not to continue using the British pound – the currency used throughout the United Kingdom. […]

Libya Phases Out Gaddafi Banknotes

Last month, the Central Bank of Libya began the process of withdrawing their old banknote series that depicted the image of former Libyan leader, Muammar Gaddafi. Saddeq Omar Elkaber, governor of the central bank, said a new series was being printed to replace the old notes. This replacement process started with the 50 dinar note, […]

Burning Cash for Fuel in Hungary

During a deadly cold snap, Hungary’s central bank is helping heat needy humanitarian organizations by pulping wads of old notes into briquettes which is a gesture that had warmed the hearts and bodies of many. Krisztina Haraszti, the head of a centre for autistic children in the impoverished north-eastern town of Miskolc said “It’s a […]

Bristol Launches Independent Currency

Traders in Bristol, UK have announced this week they will be launching their own local currency, independent of the British Pound. The Bristol Credit Union and the Bristol Pound Community Interest Company (CIC) are at the helm of the project and anticipate that the new currency will be available by May 2012. The initiative to […]

Oman Issues New High Security Banknote

The Central Bank of Oman (CBO) unveiled its latest banknote this month, a new 50-rial bill.   Aside from commemorating the 40th National Day, the day Sultan Qaboos bin Said overthrew the restrictive rule of his father in 1970 and also the sultan’s birthday, the new banknote also features several upgraded security features.   The new features […]

US Senators Call For Abolishment of $1 Banknotes

Two US senators have introduced a bill that, if passed, would see the abolishment of the $1 US banknote. Democratic senator Tom Harkin and Republican senator John McCain introduced the legislation last week calling for $1 banknotes to be replaced with $1 coins. “By moving from the costly dollar bill to the dollar coin, we […]