currency
Canadian Government Eliminates Penny
Unveiling their 2012 federal budget yesterday, Canada’s government announced their plans to eliminate the penny from the country’s currency landscape. The government said the one-cent coin costs too much produce and was described as “a burden to the economy” in a pamphlet released on Thursday. According to an article published by the CBC, it costs [...]
£30,000 Counterfeits Made
Using digital images of real money and an ink- jet printer, almost £30,000 in fake bank notes were counterfeited. On Monday at the Glasgow Sheriff Court, Ian Beaton admitted to creating the fake notes. After police searched his car near Aberdeen and found £2000 of seized counterfeit notes with his fingerprints on the envelope the [...]
Greek Drachmas Worth 240 Million Euros Unclaimed
ATHENS -Greece swaps a record-breaking debt this week which were overshadowed by the equivalent of 240 million euro’s unclaimed, in exchange for now-obsolete Greek drachmas. Nearly 82 billion drachmas ($320 million) in banknotes were unaccounted for when the deadline for withdrawal ended on March 1 by the Bank of Greece, said Kathimerini daily. Drachma coins [...]
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 [...]
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. [...]
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 [...]
Year of the Dragon Banknote
The Chinese New Year is less than two weeks away and both the Banco da China and the Banco Nacional Ultramarino have reportedly issued a new 10-pataca (US$1.25) note to commemorate the upcoming Year of the Dragon. The annual measures were rolled at the start of the year – as Chinese New Year arrives earlier [...]
Thai Opposition Party warns government on Currency policy
Politicians in Thailand’s opposition party are warning the government not to force the central bank to print extra currency to cover the country’s public debt, saying this process would simply turn banknotes into “worthless paper.” In their proposed 2012 fiscal plan, the Thai government is attempting to borrow Bt400 billion to finance the budget deficit [...]
European Central Banks Look For Contingencies Should Euro End
Central Banks in Europe reportedly evaluating contingency plans for additional printing capacity should the Euro come to an end. According to an article published by RT.com, central banks throughout Europe are preparing contingency plans evaluating their needs for additional printing capacity should the euro – a singular currency shared by seventeen countries – come to [...]
