Currency
Bailey ‘remains to be convinced’ about retail CBDCs
BoE governor adds that stablecoins must “pass the test of singleness of money”
Digital yen must be as robust as cash – BoJ deputy governor
Uchida says Japanese CBDC will need to retain public trust to same degree as notes and coins
Working group minutes: central banks seek cash cycle efficiencies
Some EME institutions are restructuring operations and promoting digital payment methods
ECB greenlights Bulgaria’s accession to eurozone
Politicians show cautious optimism as Bulgarian central bank governor lays out next steps
Bank notes: April to June 2025
A round-up of news and salient issues that have affected central bankers in the past three months
Croatia and Montenegro to begin cash swap programme
Central banks sign MoU to exchange damaged euro notes from Montenegro for undamaged ones from Croatia
Why making cents no longer makes sense
Experts praise US Treasury’s decision to stop minting pennies, but question policy’s implementation
European central banks taking more active role in cash cycle
Roundtable hears how fears over moral hazard are being set against need to preserve cash infrastructure
Bangladesh to introduce new banknotes
Series to appear ahead of Eid al-Adha festival
Syria’s change of printing press reflects wider shift – expert
Reported move of note production from Russia points to an increased willingness to open up to West
Central banks must rethink their accounting treatment of money
Biagio Bossone and Massimo Costa call for money to be accounted for as equity for the issuer and as a public asset for the economy
Riksbank: everyone should be able to pay in cash
Bank welcomes government report calling for payments in physical currency to be facilitated
Bangladesh Bank moves towards flexible exchange rate
Removal of restrictions part of conditions for securing additional IMF funds
Iran to remove four zeroes from its currency
Central bank says measure will come into force later this year as country battles high inflation
Book notes: Smart money: how digital currencies will win the new Cold War, by Brunello Rosa with Casey Larsen
This alarmist book, although lacking nuance, provides a lucid account of how CBDCs could play a decisive role in geopolitical dominance
Korean officials argue for stablecoin authorisation body
Central bankers warn of currency substitution and monetary policy risks
East Africa governors discuss delayed single currency launch
Leaders adopt “masterplan” to modernise and integrate payments systems
Bank of Burundi issues ‘world’s largest banknote’
Commemorative bill measures 400mm by 288mm and is on sale at €2,200 apiece
Hedge funds burned as Hong Kong dollar bets implode
However, market participants still seem satisfied with the HKMA’s commitment to defending currency peg
SNB to hand out cash earmarked for exchange of defunct notes
Up to $1.07bn, previously reserved for bills that were never exchanged, will go to government and aid