News in Brief

G+D Invests in CBDC Testing Software Company

Giesecke and Devrient (G+D) has invested in UK-based FNA (Financial Network Analytics), a deep technology firm specialising in advanced network analytics and simulations. FNA make simulation software to allow the impact of introducing a Central Bank Digital Currency (CBDC) on financial and economic systems to be tested as part of regulator and institutional preparations.

According to G+D, its strategic investment is designed to allow FNA to accelerate innovation and build additional resources, as well as develop its CBDC simulation software further. The investment will also support ongoing global growth and reinforce recent major customer acquisitions. As part of the transaction, G+D will join the company's board as observers.

(Yet) Another Redenomination on Cards for Venezuela

Venezuela is reported to be preparing once again to lop off zeroes from the national currency in an attempt to simplify daily transactions. The central bank is planning to slash six zeroes from the bolivar after previous attempts to issue larger denomination bills failed to resolve problems created by endemic inflation, according to unofficial reports.

Since 2008, the government - first under the late Hugo Chavez, and then under current President Nicolas Maduro - has removed eight zeroes from the currency, as hyperinflation decimated people’s savings.

Venezuela last carried out a redenomination of the bolivar in 2018, and issued eight notes ranging in value from 2 to 500 bolivares. In 2019, these were supplemented by 10,000, 20,000 and 50,000 notes. This March it brought out notes in denominations of 200,000, 500,000, and 1 million bolivares, the latter the largest in the country’s history. But that bill is now worth just $0.32.

The Bank will likely roll out six different denominations ranging from 2 to 100 bolivares. The name would remain ‘bolivar soberano’, which means strong bolivar and was adopted for the 2018 denomination.

Croatia’s Euro Coins Spark Serb Protest

The Croatian National Bank’s plan to put the inventor Nikola Tesla on its euro coins has sparked criticism in Serbia, whose central bank said Monday it would take the issue to the EU.

Croatia, which joined the EU in 2013, is planning to replace the kuna with the euro in 2023, provided all convergence criteria have been met, and published its adoption plan for the changeover late last year. Whilst euro banknotes are common to all eurozone members, there are national sides to the coins of each member country.

Tesla, an ethnic Serb born in present-day Croatia in 1856 when the country was part of the Austro-Hungarian empire, is a source of pride in both countries, whose ties have been strained since Yugoslavia's collapse in the 1990s. Both countries claim the pioneer of modern electrical engineering as their own.

In a statement, the National Bank of Serbia said putting Tesla on the coins would be ‘inappropriate’. It would mean ‘usurping the cultural and scientific heritage of the Serbian people’ since Tesla identified himself as a Serb, it noted.

Zagreb has rejected the criticism, stressing that Tesla was born in Croatia.

Other national motifs on the coins will include the Croatian checkerboard (the country’s national coat of arms), a map of the country, a marten and Glagolitic script (the oldest known Slavic alphabet).

Albania and ECB Cooperate on Counterfeits

The Bank of Albania and the European Central Bank have signed a cooperation agreement to regulate and facilitate procedures for cooperation between the two.

According to the Bank of Albania, the agreement standardises technical information in order to strengthen the technical capacity to monitor and prevent counterfeiting of euro banknotes in Albania. Meanwhile, the ECB will provide information on specifications and data obtained from the technical analysis of counterfeit euro banknotes discovered in Europe and beyond.

Mint One of Canada’s Best Corporate Citizens

The Royal Canadian Mint has once again been named one of the Best 50 Corporate Citizens in Canada by sustainable business magazine Corporate Knights. The Mint primarily achieved this ranking, the 6th best within the mining category, for its top scores in mechanisms linking senior executive pay to sustainability targets, clean revenue from recycled coins, as well as its strong performance in clean investment.

According to Marie Lemay, President and CEO, the Mint is committed to operating in an environmentally responsible and sustainable manner, as well as championing diversity and inclusion through:

Actively supporting the circular economy, which minimises waste and makes the most of existing resources, as well as promoting clean revenue through its alloy recovery and recycling programs.
Maintaining low levels of water consumption, waste production and harmful emissions.
Making significant capital investments in clean technologies.
Championing diversity and inclusion throughout the organisation.

The Best 50 Corporate Citizens in Canada ranking is based on 23 indicators that cover aspects such as environmental performance, innovation capacity, safety performance, and compensation and benefits. The Mint was evaluated against 271 other Canadian corporations.

The Beast Arrives at OFS

Orell Füssli Security (OFS) recently welcomed a brand new Super Orlof Intaglio III printing machine from Koenig & Bauer Banknote Solutions (K&B) to its production site in Zurich, which it has nicknamed ‘The Beast’.

‘With this new printing machine, OFS is on the most modern level in its production. It enables us to print faster, more efficiently and ensure even a more stable quality in all our products. Being able to use less ink, OFS products are now printed with increased sustainability’, said the company.

Welcoming the Beast, from left to right, Josip Kvesić (OFS Head of Printing and Applications at OFS), Dr Daniel Schwarzbach (OFS Director Innovation), Andreas Brunner (OFS Head of Operations), Michael Kasch (OFS CEO), Thomas Hendle (K&B Managing Director and Head of Sales) and Guenter Meyer (K&B Sales Director).