Financial Stability

Irish go back to 'hoarding' coins: central bank

Speaking at the issue of 40,000 commemorative coin sets, the central bank of Ireland's head of currency Hugh O'Donnell said Irish people have reverted to their old habits of 'hoarding' coins.

Bangladesh Bank circulates new notes

Bangladesh Bank will print 1,155 million new notes by June, 2004 to help people replace torn and soiled notes, The Daily Star reported. People have been crowding the BB's exchange counter for the last couple of days to replace torn and soiled notes with…

BSP printing plant: More than just about money

This article in the Philippine Daily Inquirerlooks at the Bangko Sentral ng Pilipinas (BSP) bank note printing operations. The BSP owns the printing, minting and refining facility it calls the Security Plant Complex (SPC), an imposing structure…

ECB considers one-euro, two-euro notes

Following requests from some countries, including Italy, the European Central Bank said on Tuesday 25 November it was considering introducing one-euro and two-euro notes, according to Expatica. If agreed, it is expected to take several years from design…

Mexico awards software contract to ERAS

Mexico's central bank has awarded a contract to Miami-based bank software provider ERAS to drive a browser-based image clearing system for transmitting check items in Mexico, reports Business News Americas. The central bank's clearing arm CECOBAN will…

Intro of electronic funds transfer cheers BNZ

The central bank of Zambia's Currency and Payments Systems Director Morris Mulomba has said despite the important role cash plays in the economy, it is neither prudent nor convenient to pay for goods using cash, according to Zambia News Agency. He urged…

Riksbank makes statement on 'banknote discrepancy'

Sveriges Riksbank, the central bank of Sweden, released a statement on Friday 14 November regarding a discrepancy which had been discovered in a delivery of new banknotes from Crane AB to the Riksbank's subsidiary.

Zimbabwe clamps down on illegal FX

Police in Zimbabwe are stopping motorists with road blocks as part of a crackdown on illegal foreign currency trade, Reuters reports. The Reserve Bank of Zimbabwe has also set up a unit to probe the flow of local bank-notes to neighbouring countries…

RBA interchange fees for credit cards lowered

The Reserve Bank of Australia said on 31 October that Bankcard, MasterCard and Visa credit card schemes have introduced lower interchange fees for credit card transactions in Australia.

Iran to print higher denomination notes

The central bank of Iran has said that it intends to print 20,000 rial banknotes, double the value of the current highest denomination banknote, according to AFP. The new notes will be issued in February next year.

Zimbabwe issues $150bn bearers' cheques

The Reserve Bank of Zimbabwe says it has so far issued $153 billion worth of bearers' cheques onto the cash-starved market, reports the Zimbabwe Independent. The bank however, refused to shed light on market speculation that it had stopped printing…

Visa drops action against RBA

Visa has dropped its appeal against the court ruling against it in the credit card reform action against the Reserve Bank of Australia, according to a report in the Herald Sun. The company's international board decided to quit the action after a meeting…

Greenspan praises electronic checks bill

Speaking on Wednesday 29 October Alan Greenspan praised legislation passed by Congress and signed into law by President Bush on Tuesday that allows banks to clear checks electronically, potentially slashing paperwork. The law will let banks approve…

Sri Lanka to introduce secure cheque clearance

Sri Lanka is to introduce a secure cheque clearance system before the end of this year to speed up banking services. A government spokesman, reported by the Sri Lanka Daily News, said the system would be an essential of the government's project to…

MasterCard battles RBA over fees

MasterCard has begun legal action against the Reserve bank of Australia regarding the level of the company's interchange fees, reports the Australian Financial review. The RBA wants to bring MasterCard's interchange fee of 58 cents per $100 transaction…

Rwanda: Central bank to withdraw old bank notes

The Central Bank of Rwanda has decided to withdraw legal tender for old banknotes beginning December this year, according to The New Times. An official from the Central Bank said that new notes were already in circulation to replace old ones that had…

Zimbabwe withdraws travellers' cheques

The Zimbabwean government has ordered the withdrawal of its travellers' cheques, according to Business Day, barely two months after they were introduced to remedy the country's cash shortage. A senior central bank official said on Thursday 9 October that…

RBA credit card reforms: Visa/Mastercard to appeal

Visa and Mastercard said on Thursday 9 October that they would appeal against last month's Federal Court ruling which upheld credit card reforms by the Reserve Bank of Australia, according to a report by Dow Jones. Visa said that the RBA regulations give…

Central bank declares Afghani sole legal tender

From Tuesday October 8, Afghanistan will no longer accept the US dollar and other foreign currencies as legal tender, according to VOA News. Central Bank Governor Anwar ul-Haq Ahady said that new stability has allowed him to make the move, at last, to an…

ECB to study one and two euro coin option

The European Central Bank said on Tuesday 7 October that it will consider replacing one and two euro coins with notes following calls from some eurozone countries, according to Associated Press. Bank president Wim Duisenberg has agreed, the ECB said,…

Payment systems in Russia

The Committee on Payment and Settlement Systems (CPSS) has published, under the aegis of the Bank for International Settlements, a reference work on payment systems in Russia, known as the Red Book. As part of this series, the Foreword says, the first…

Calls for notes to replace low value euro coins

European finance ministers have called for the introduction of low value euro notes instead of coins to reduce pressure on inflation, according to a report in the Financial Times. The idea is that people do not value coins highly and are therefore more…

Iraq unveils new currency

Iraq's new Saddam Hussein free currency was displayed on Saturday 4 October by Ahmed Salman Mohammed, deputy governor of the Central Bank of Iraq, according to a report by CNN. The new banknotes will go into circulation on October 15.

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