Central Banks Strengthen Ties on Banknote Production

Banque de France (BdF), the Oesterreichische Nationalbank (OeNB), and Banco de Portugal (BdP) are strengthening their cooperation in the field of banknote production, building on ties dating back to 2017.

The three central banks have signed an agreement under which BdF will acquire a minority stake in the two banknote printers located in Austria (OeBS, owned by OeNB) and Portugal (Valora, owned by BdP).

According to a joint statement, this decision reflects the recognition that, in the foreseeable future, cash will remain a core element of monetary sovereignty, making adequate control over its industrial and logistical chain essential.

Furthermore, it builds on the earlier cooperation initiated a decade ago with the creation of EuropaFi, a joint venture dedicated to banknote paper production. EuropaFi was spun out of BdF as a separate legal entity in 2015; in addition to Austria and Portugal, the central banks of Italy and Ireland also hold minority shares, which means that they do not have to tender for their own euro paper requirements.