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Global Banknote and Bankers News
APRIL 2015
WWW.BANKNOTES-NEWS.COM
Central Bank Affairs
Counterfeit Protection of Banknote
Printing, Minting & allied Industry
Currency
Commercial Banks
Bankers
APRIL 2015 , VOLUME 01 , ISSUE 01
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PAGE 1
Magazine
Outline
INDEX
Content
Central Bank Affairs Information
Bangladesh Bank to launch commemorative coin marking Bangabandhus Mar 7 speech.

TK 1, TK 2 Note to be pashed out; Coins to stay on.
Womans Portrait Will Appear on the US $10 Bill
Dr. Atiur Rahman emphasizes urgency of addressing the problems for remittances
arising from de-risking tendencies of banks in advanced economies in the annual
CW & Francophonie Dialogue with G20 at Washington DC.
Royal Mint reveals new pound coin design
Cash flow and budgeting analysis key elements in cash management
Nepal's Prime Minister expressed his sincere gratitude to Bangladesh Bank Governor
for extending CSR support towards the earthquake victims of Nepal.
Bangladesh Bank launches 'Social Media Communication Gateway'.
Banknote printer De La Rue looks for growth of security solutions.

Valle d'Aosta specialties protected by new Sicpa label ( DOP, DOC and IG products benefit
from trial project.)
Cabot divests Security Materials business to SICPA for $20 mn ( The acquisition is expected
to close by the end of fiscal year 2014. )
Bank note printer De La Rue slashes dividend.
Invisible fluorescent ink opens new frontier in fight against counterfeiting.
KBA Leads The Industry With Popular Sheet fed LED-UV Technology From Small to
Large Format Presses.
Print China a resounding success for KBA
SICPA SOUTH AFRICA CELEBRATES ITS 25TH ANNIVERSARY
De La Rue partners with Dai Nippon Printing
De La Rue hires new finance boss
Cash Related Information
Maldives banknotes to use Safeguard polymer substrate.

Need to move towards plastic currency: Indian Finance Minister Arun Jaitley.
Trinidad & Tobago wins 2014 Bank Note of the Year.
Hong Kongs new banknotes with advanced security.
Scottish polymer banknote begins circulating.
China: Power plant burns banknotes instead of coal.
Invisible QR codes could secure banknotes.
'World's first' facial recognition ATM unveiled in China.
RBI gives Rs 100 note a makeover, check out the new security features here.

RAB nabs five members of a counterfeit currency cartel.
Counterfeiting MICR cheques increasing.
Increase in euro counterfeit banknotes.
Analysts discuss ways to raise awareness on fake notes.
6 held with Tk 40 lakh fake notes.
Commercial Banks
Dutch-Bangla Bank has been awarded the Best Digital Bank by Digital World 2015.
Midland Bank to step up customer services.
Sonali Bank MDs tenure extended by another year.
Bankers
Banker Training Programs and Requirements.

Higher Study Scholarship
National Australia Bank to host its own international tech conference.
Upcoming Event:
Article /Opinion/Expert suggestion /review.
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Central Bank Affairs information

www.banknotes-news.com
Bangladesh Bank to launch

commemorative coin marking
Bangabandhus Mar 7 speech.
Bangladesh Bank is working to release a commemorative

coin marking Bangabandhu Sheikh Mujibur Rahmans Mar 7
speech, the turning point in the movement for Bangladesh.
A preliminary design of the coin has already been

made, acting executive director of the currency management department, Shuvankar Saha, told
bdnews24.com.
He added they were awaiting clearance from the Bangladesh Bank Note Design Advisory Committee and
Prime Minister Sheikh Hasina before going into
production.
The nearly two inch diameter coins would be available
coated with silver or gold. One side of the coin would
have an image of Bangabandhu giving the speech and
the other a quote from it.
The coins are planned to be releases before Victory
Day. The initial pricing puts the silver-coated one at Tk
3,000 and the gold-plated at Tk 4,000. The denoted
price, however, is yet to be fixed.
The central bank, has, until now, release 17 such commemorative coins, notes, and folders, marking a
number of major incidents in history like the 25th
Olympic Games and Internaional Mothers Language
Day.
Source News:
Staff Correspondent, bdnews24.com
Maldives banknotes to use Safeguard polymer substratePublished: 2015-04-03
13:50:38.0 BdST Updated: 2015-04-03 13:50:38.0 BdST
Page - 03
TK 1, TK 2 Note to be pashed out;

Coins to stay on.
The government is set to take out Tk 1 and Tk 2 notes

from circulation, Bangladesh Bank Executive Director
M Mahfuzur Rahman said.
The coins with the same denominations will still be in
circulation, he added.
Rahman's comments came as Finance Minister AMA
Muhith said earlier in the day that Tk 5 would be the
lowest denomination of notes instead of the existing
Tk 2 given the latter's fall in value.
Lower denomination notes are useless, Muhith said.
At present, Tk 5 notes and above are issued by the
Bangladesh Bank and Tk 1 and Tk 2 notes by the
finance ministry.Given the decline in value of Tk 1 and
Tk 2, their share in the total money supply has fallen
and so has the government's as a result.
To rectify the situation, the idea of making Tk 5 the
lowest denomination of notes was floated at a high
level meeting of the finance ministry with Muhith in
the chair. Asked if the cost of low-priced items such as
chocolates and bus fares would go up if the decision
comes into effect, he said: Is a chocolate available for
Tk 1 now?
The minister said the Tk 1 and Tk 2 notes would
gradually be taken out of the market. Once 10 percent
of the Tk 1 and Tk 2 notes in circulation have been
withdrawn, Tk 5 notes will be issued against them.
AB Mirza Azizul Islam, a former adviser of a caretaker
government, said the rise in inflation eroded the value
of lower-denomination notes.
He, however, said the government should not
completely phase out the denominations.
If there is no Tk 1 and the lowest denomination is Tk 5,
how would you pay for a good priced at Tk 4? Do you
pay Tk 5 for a good worth Tk 4?
Source News:
12:00 AM, January 19, 2015 / LAST MODIFIED: 01:53 AM, March 08, 2015

Womans Portrait Will Appear

on the US $10 Bill
By JACKIE CALMES JUNE
17, 2015
WASHINGTON Growing numbers of Americans are

going cashless, but demands to finally put a woman
on paper currency persist. And now the Treasury has
announced that a portrait of a woman, to be
determined soon, will grace the $10 bill.
The note will continue to have some image, also to be
determined, of the current $10 honoree, Alexander
Hamilton, a founding father (there were, of course, no
mothers) and Treasury secretary to President George
Washington (he of the $1 bill). Treasury Secretary
Jacob J. Lew, who by law makes the selection of an
honoree, will disclose his choice by the end of the year.
The new note will appear in 2020 the 100th
anniversary of the 19th Amendment, which gave
women the right to vote.
Page - 04
and production of them was stopped.Faces on bills

have not changed since 1929, when Andrew Jackson
replaced Grover Cleveland on the $20 note. Basic
currency designs date to that time; redesigns occur
every decade or so to deter counterfeiting.For the
latest change, the Treasury has invited the public to
use the hashtag #TheNew10 to spread the word
about the redesign. Also, Mr. Lew and other officials
will solicit the publics ideas in round-table discussions
and town-hall meetings.The note will include tactile
features to make it easier for people who are blind or
visually impaired to identify the bill.Senator Jeanne
Shaheen, Democrat of New Hampshire, had
introduced legislation to put a woman on the $20 bill,
and she wrote to President Obama this month urging
him to use his power to that end. While it might not
be the $20 bill, make no mistake: This is a historic
announcement, Ms. Shaheen said in a statement.
Dr. Atiur Rahman emphasizes

urgency of addressing the
problems
for
remittances
arising
from
de-risking
tendencies of banks in advanced
economies in the annual CW &
Francophonie Dialogue with
G20 at Washington DC.
The only criterion under law is that the chosen person

must be dead, but the Treasury said Mr. Lew was
looking for a woman who was a champion for our
inclusive democracy. That would include the
abolitionist Harriet Tubman, who was the top choice
on social media of a campaign to put a woman on the
$20 bill. Putting a woman on paper notes is certain to
be an honor more long-lived than that accorded two
history-making women whose images were put on
coins. Susan B. Anthony, the social reformer, appeared
on silver dollars minted from 1979 to 1981, and again
in 1999, and Sacagawea, the Shoshone guide to the
Lewis and Clark expedition, was featured on
gold-colored dollar coins from 2000. Both coins, which
were often confused with quarters, proved unpopular,
Bangladesh Bank Governor Dr. Atiur Rahman

participated in the panel discussion on "Remittances:
Maximizing flows and reducing costs" at the Annual
Commonwealth & Francophonie Dialogue with the
G20 at Washington DC on April 14, 2015 as the Lead
Speaker. The session was chaired by Mr. Robert
Owen-Jones, Assistant Secretary, Department of
Foreign Affairs and Trade, Australia. Ms. Emily Rose
Adeleke, Financial Sector Specialist of the Financial
Market Integrity unit of the World Bank presented the
position paper. Among other distinguished attendees,
Mr. Jwala Rambrran, Governor of the Central Bank of
Trinidad & Tobago, and Dr. Haron Sirima, Deputy
Governor of the Central Bank of Kenya delivered their
speech as lead speakers in the session. Dr. Rahman
pointed out that the recent de-risking tendency of
banks in advanced economies has become a major

concern for the remittance receiving developing

countries. In his speech, Dr. Rahman outlined the
following points: Remittance inflows boosting
Bangladeshs external sector viability Non-Resident
Bangladeshis (NRB) working abroad estimated (June,
2013 BBS survey) at 8.6 million. Remittances from
Non-Resident Bangladeshis (NRBs), now averaging
annually above 14 billion USD (over 8% of GDP),
contribute importantly to economic growth and well
being. Despite global growth sluggishness, NRB
remittance inflows are maintaining a rising trend.
Surveys reveal that around 60% of the inflows go into
consumption and the remainder 40% into financial
and real investments. The bulk of investment outlays
from NRB remittances are in the private sector, much
of it in real estates, with
only a small part in
government securities
(total USD 0.67 billion
equivalent in Taka and
USD bonds as of end
Dec 2014). Remittance
inflows
are
also
underpinning external
sector
viability,
offsetting trade deficit
and retaining BOP
current account in
surplus/small deficits in
% of GDP. Policy steps
have
reduced
remittance
costs,
hastened delivery, put
in
place
AML/CFT
surveillance Remittance inflows are permitted only
through banks in Bangladesh; the banks, their delivery
agents and the remittance recipients are all under risk
graded KYC and other AML/CFT surveillance. Costs for
the small-sized NRB remittances thru banks in host
countries being high, NRBs remit mainly thru licensed
low-cost non-bank intermediaries (exchange houses)
having drawing arrangements with banks in
Bangladesh. Electronic fund transfer and mobile
phone/smart card based local delivery have helped
much in driving down remittance costs and time lags.
Singapore-Bangladesh remittance corridor now ranks
among the five least- cost corridors. Facilitation of
formal remittance channels have driven down
informal shadow channel remittances from around 60
percent of total in 2000 to under 20 percent by 2010;
Page - 05
and probably yet further by now, as indicated by

dwindling exchange rate premium in the kerb
markets. Remittance inflows have accelerated poverty
decline promoting household consumption and
investment, bringing about output dynamism rather
than Dutch disease. Overall remittance inflows into
Bangladesh continue on uptrend, despite lingering
sluggishness in global growth. Amid overall uptrend,
recent growth of inflows from UK, USA slower and
more volatile Anecdotal reports indicate this to be due
mainly to banks in advanced countries seeking
de-risking by exiting transaction accounts of
remittance intermediaries; on ground of high cost
burdens of AML/CFT compliance. The difficulty arose
earlier in the US during Gulf War in the context of
enforcing the PATRIOT
Act. Recent reports of
acute difficulty are
mainly from NRBs and
other
low
wage
expatriates in the UK;
but
worrisome
de-risking tendencies
are also resurfacing
elsewhere, with US
regulators
heavily
penalizing
major
international banks for
r e g u l a t o r y
infringements.
De-risking
driven
financial
exclusion
needs urgent remedial
attention
Financial
exclusion of low-wage
foreign workers arising from de-risking tendencies of
banks in advanced economies is causing major
hardships for their families. Left unaddressed, the
difficulty may bring in graver AML/CFT risks by driving
remittances of low wage workers into unsupervised
shadow channels. AFI, a developing country forum of
financial sector regulators, has engaged on this issue
with the Basel based Standard Setting Bodies (SSBs);
AFI-SSB engagements found the difficulties to be
arising from overzealous application of AML/CFT drills
disproportionate with actual risks. Adoption of
nuanced, riskproportionate approach by regulators in
host and home countries of expatriate workers is
urgently needed. As mentioned earlier, remittance
delivery chains in Bangladesh are under full cover of

risk-proportionate KYC due diligence and other

relevant
AML/CFT
surveillance.
Bangladesh
authorities will happily cooperate with regulators and
AML/CFT authorities in NRB host countries in fully
linking up the host and home country surveillance
chains from origination to delivery. Other home
countries of expatriate workers are likely to be
similarly disposed. Creating financial exclusion for
low-wage expatriates by closing down bank accounts
of remittance intermediaries runs against the
inclusivity obligations laid down in laws and
regulations of advanced countries. Engagement of
G-20, CW/Francophonie forums in the matter now is
timely and much welcome. Authorities in advanced
countries need to engage urgently with their banks to
dissuade them from de-risking by exiting entire
business lines in disproportionate response to
AML/CFT risks. Developing countries may need TA and
modest financial support from advanced economies
for putting in place complete host country-home
country chains of risk proportionate AML/CFT
surveillance from remittance origination to delivery.
Source News:
https://www.bb.org.bd
Royal Mint reveals new pound

coin design
The Royal Mint has today revealed the design of the
new one pound coin, which has the same shape as the
old 12-sided three pence piece (3d) last used in 1971.
The reverse (or tails) side of the coin has been
designed by 15 year old David
Pearce
from Walsall, who took part
in a
competition launched in
September 2014 by the
Royal Mint.
I was really excited to
hear that I had won the
competition to design
the new 1 coin but
hugely shocked as well! I
heard about the competition
through my design teacher at school and I thought I
had nothing to lose so I decided to enter. I spent a lot
of time researching what coin designs looked like and
what sort of designs would represent all parts of the
Page - 06
UK before submitting my idea and I honestly cannot

believe I have won.
The winning design, revealed by the Chancellor of the
Exchequer, Rt. Hon George Osborne, features
emblems to represent each of the four nations of the
United Kingdom: the English rose, a leek for Wales, the
Scottish thistle, and the Shamrock for Northern
Ireland.
The Royal Mint advises that the winning design has
been refined for coin use with the support of
renowned numismatic artist David Lawrence and
lettering expert Stephen Raw.
The new coin will begin circulating in 2017.To find out
more information on the new one pound coins visit
the Royal Mint website.
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Cash budgeting, cash flow forecasting and cash
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Effective cash budgeting relies on managing such

activities as customer billing and collections,
short-term investing and accounts payables, striking a
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The accounting and financial professionals at Susan E.
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At Susan E. Vint, they are committed to providing your
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www.susanvint.com.
Page - 07
Nepal's
Prime
Minister
expressed his sincere gratitude
to Bangladesh Bank Governor
for extending CSR support
towards the earthquake victims
of Nepal.
Nepal Rastra Bank (NRB)
Governor Dr. Chiranjibi
Nepal
meets
with
Bangladesh Bank (BB)
Governor Dr. Atiur Rahman
in a sideline meeting of the
30th SAARCFINANCE Group
Meeting
and
SAARCFINANCE Governors'
Symposium on Financial Inclusion which has been
held at Pan Pacific Sonargaon, Dhaka on 12 June 2015.
NRB Governor expressed his sincere gratitude to the
Government of the People's Republic of Bangladesh
and to the Honorable Governor of Bangladesh Bank
for helping earthquake affected victims of Nepal. NRB
Governor also wants to know from BB Governor that
what type of conditionality Bangladesh allows for
borrowing from the International Monetary Fund
(IMF) inquired about how to deal with the current
adverse situation of Nepal arising from the natural
calamities like earthquake. BB Governor informed Dr.
Chiranjibi that Bangladesh allows very minimum
conditionality for borrowing from IMF. If Nepal's
current account deficit is in a minimal level, they may
expand its money supply to mitigate extra demand of
money created from the sudden earth quake
devastation in Nepal. NRB Governor and BB Governor
also exchanged their views on payments and
settlement issues. NRB Governor proposed BB
Governor to directly exchange their Nepali Rupees
with Bangladesh Taka. Since Taka is not fully
convertible, BB Governor asked for a formal proposal
from NRB to discuss this issue with BB's Investment
Committee. If NRB makes a specific request on this
issue, BB will definitely discuss it with its Investment
Committee. NRB Governor raised a concern that many
of the Nepali students are studying in Bangladesh and
their studies can be disrupted since their parents have
been adversely affected by the earth quake. BB
Governor expressed that if Nepal can make a request
for those students whose parents have been severely

affected by the earthquake then Page 2 of 2 he can

take an initiative to help them from corporate social
responsibility (CSR) windows of banks and financial
institutions so that their studies do not get affected.
Towards the end of the meeting, the NRB Governor
handed over a letter of appreciation from their Prime
Minister Mr. Sushil Koirala to Dr. Atiur Rahman. In his
letter, Mr. Koirala expressed his sincere thanks and
deep appreciation to BB Governor for his initiatives in
galvanizing the financial sector of Bangladesh for CSR
support to the victims of the recent devastating
earthquakes in Nepal
Source News:
BANGLADESH BANK PRESS RELEASE
Bangladesh
Bank
launches
'Social Media Communication
Gateway'
Bangladesh Bank (BB) Monday launched the 'Social
Media Communication Gateway'. BB Governor Dr.
Atiur Rahman inaugurated the gateway, making a
tweet in the ceremony held in the Jahangir Alam
Conference Hall of
Bangladesh Bank
Main Building. In
the ceremony, BB
Deputy Governor
Md. Abul Quasem
and
S.K.
Sur
Chowdhur y
switched
the
launching
of
YouTube channel
and Facebook page
of
Bangladesh
Bank respectively. In the launching session, Dr. Atiur
Rahman mentioned, "Despite a number of challenges,
the visionary leadership of current government has
helped its 'Vision 2021' implement and achieve in a
satisfactory level to promote Bangladesh at a middle
income country by 2021. As a mandated organisation
of Bangladesh government, BB along with its
conventional banking, has brought in a paradigm shift
in banking with multiple approaches of inclusive
financing, women empowerment, corporate social
responsibility and hence poverty alleviation, which
has given the whole financial sector a unique
Page - 08
humanitarian face, Dr Atiur said. He said low income

group of the society has been brought under the
financial services; the development of small, medium
and women entrepreneurs is easily visible today. To
attain government's vision of 'Digital Bangladesh',
Bangladesh Bank and the entire banking system have
already been digitized. BB's various initiatives of
mobile banking, school Banking, green banking, CSR,
customer interest protection, and agent banking have
been lauded globally. The rural economy has got its
momentum, and the GDP growth has remained
vibrant. Multitude means of income generation have
been created for the poor. Our financial stability has
been appeared as a model in the global economy. The
BB governor said thanks to the visionary, national
inclusive
development
strategy,
the
telecommunications and information technology
have undergone a massive development in the last six
years. Telecommunication services have been
modernised with rapid increase of internet density,
submarine cable capacity, and establishment of new
submarine cable. IT friendly policies have been
formulated; 99 per cent area of the country is under
mobile network coverage. Mobile phone subscribers
are receiving cutting edge telecommunication
services.
Across
country the 3-G
technology has been
introduced in the
mobile
network;
hopefully, the 4-G
technology will be
introduced
soon.
Nearly, 120 million of
the population in the
country are now
using mobile SIM. IT
revolution in the
twenty-first century is changing the pace and nature
of human civilization; lifestyles are changing so
quickly. BB Executive Director Mr. S. M. Moniruzzaman
presided over the launching ceremony and delivered
the welcome speech. BB Deputy Governor Mr. Md.
Abul Quasem and Mr. S.K. Shur Chowdhury also made
speeches in the programme. Among others, the
Executive Directors and the General Managers of the
central bank were also present.

Banknote printer De La Rue
looks for growth of security
solutions.
British banknote printer De La Rue
aims to find new opportunities in
security solutions while boosting
efficiency at its core currency
business, it said yesterday after
posting a 22 per cent fall in
operating profit.
The 202-year-old business
reported operating profit of
69.5 million for the year to March 28, against 89.3
million the previous year, citing pricing pressures in
banknote printing.
Chief executive Martin Sutherland, who joined the
company in October, told Reuters he is looking to
improve efficiency through modernization in the print
and paper banknote division as part of his five-year
business plan.
Sutherland also said he would look for new
opportunities within the solutions business, which
accounts for about 30 per cent of group revenue, by
speaking to third parties about collaborating on new
products for commercial customers.
De La Rue, which makes more than 150 national
currencies and UK passports, warned in November
that underlying operating profit was expected to fall
by about 20 million.
Sutherland said he expects the challenging market
conditions to continue in the short term.
'At the moment, we are suffering with movement in
the foreign exchange between the euro and sterling,
which gives our European competitors a price
advantage over us. That is putting a little bit of
pressure on our profits in the short term,' he said.
Source News:
Thursday, May 28, 2015, 00:01 by Reuters, www.timesofmalta.com
Page - 09
Valle
d'Aosta
specialties
protected by new Sicpa label
DOP, DOC and IG products benefit from trial project
The experimental initiative involves four protected

designation of origin (DOP) products - Fontina and
Fromadzo cheeses, Lard d'Arnad lardo and Jambon de
Bosses spicy cured ham - controlled designation of
origin (DOC) wines and the traditional IG-mark Aosta
Valley liqueur Genepy, and a total of approximately 30
producers.
ANSA) - Milan, June 10 - A new project by Swiss company Sicpa, launched in

partnership with Expo VDA, aims to ensure the authenticity of typical food
products from Valle d'Aosta.
Globally renowned Fontina is made from

unpasteurised whole milk produced by a local breed
of cow fed with rich grass in summer and fodder in
winter. It is left to mature for at least 80 days and the
ivory or straw-coloured interior is soft and elastic.
Fromadzo is produced from cow's milk obtained from
at least two milkings, which is sometimes
supplemented by small quantities of goat's milk.
The cheese is semi-sweet when fresh but develops a
more distinct, slightly salty taste when left to mature.
The interior is elastic and compact.
Jambon de Bosses is cured ham flavoured with
mountain herbs, produced at 1,600 metres in the Gran
San Bernardo valley.
Its documented history dates back to 1397 and it can
be left to season for up to two years.
Lard d'Arnad is a complex blend of water, salt, herbs
and spices mixed with the lardo; slices are white with a
possible streak of meat and a slightly pink core.

It has been produced since at least 1763 and is stored

in special chestnut, oak or larch containers. The Valle
d'Aosta also boasts a wide and high-quality range of
mountain wines produced under the single DOC
appellation Valle d'Aosta-Valle d'Aoste, and the
Genepy liqueur, which obtained the geographical
indication (IG) last February.
Source News:
www.ansamed.info
10 JUNE, 11:20
Cabot divests Security Materials

business to SICPA for $20 mn
The acquisition is expected to close by the end of fiscal year 2014
Cabot Corporation has entered into an agreement to

sell its Security Materials business to SICPA for
approximately $ 20 million in cash consideration. The
Security Materials business utilises patented spray
pyrolysis technology for brand protection activities
and advanced nanotechnology for covert taggant
applications.
Headquartered in Lausanne, Switzerland, SICPA is the
leading global provider of security
inks,
authentication and traceability solutions and services
for banknotes, security documents and consumer
products.
We are pleased to have reached an agreement with

SICPA at an attractive value for our shareholders. The
Security Materials business is a leader in covert
taggant technology. We believe that SICPA, as a
leading player in the security industry, will expand and
accelerate the future growth potential of this
business, said Patrick Prevost, President and Chief
Executive Officer, Cabot.
In fiscal 2013, the Security Materials business
generated $7 million in revenue. The acquisition is
Page - 10
expected to close by the end of fiscal year 2014,

pending regulatory approvals.
Source News:
BS B2B Bureau | Boston, USA March 21, 2014 Last Updated at 18:12 IST
Bank note printer De La Rue

slashes dividend
It seems printing money doesn't pay.
De La Rue, the world's largest bank note printer, has
slashed its dividend as fierce competition in the bank
note printing industry has continued to drag down
profits.
The Hampshire-based company has cut its dividend
by 41 per cent to 16.7
pence, down from
28.2 pence a year
earlier. De La Rue's
pre-tax profits for
the year to March
fell 25 per cent on
the same time
last
year,
to
38.9m.The
company, which is
in the middle of a
turnaround
after
three
profit
warnings in the
past
two
years,
said
" p r i c i n g
pressures have
continued
which has resulted in lower margins," in its currency
business. Meanwhile its microchip passport and
passport processing systems business has also
suffered as The level of new business has been lower
than expected."
Martin Sutherland, who joined as chief executive from
BAE Systems in October and is presiding over his first
full year results, faces considerable challenges in
reviving the banknote printer, as aggressive pricing
from commercial rivals continues to hurt profits. The
latest profit warning, issued in September, saw the
company's shares plunge 29 per cent, the largest
single-day fall in a decade, and knocked 200m off the
market capitalization.
Mr. Sutherland said:
These results are in line with our revised expectations
and include the benefit of further operational
efficiencies. However, these have been outweighed by
the impact of the challenging market conditions on
revenue and operating profit across the Group.
I have completed a review of the business and
formulated a clear Strategic Plan to deliver growth and
improved profitability in the long term through a
greater focus on customers, innovation and delivery.

In September, De La Rue won a 10-year deal worth

about 1bn with the Bank of England to print 12bn
sterling banknotes, including the polymer
"wipe-clean" type that will enter circulation in March
2015.
The rise of state print works, which produce about 85
per cent of the 150bn notes made globally each year,
continues to squeeze the market and put pressure on
De La Rue.
Source News:
www.ft.com
Invisible fluorescent ink opens

new frontier in fight against
counterfeiting.
Counterfeiting gives brand owners major headaches.
Companies lose sales and governments lose tax
income. Resulting costs to businesses of counterfeit
and pirated products add up to as much as US$650
billion a year worldwide, according to the
International Chamber of Commerce. Scientists and
engineers have developed many techniques in the
fight against counterfeiters. You might have one
example in your pocket right now the banknotes we
use almost every day are produced using special
paper, with watermarks, holograms, glossy strips and
many other security features. When we had a
Representation of a heterorotaxane. Stoddart Group, CC BY-NC-ND
large-denomination bill to a cashier, they usually look

at it under an ultraviolet lamp to check whether its
genuine or fake. Under this light, one can see a color
image thats not visible in plain sunlight. Lights that
glow under a UV lamp are said to be fluorescent or
luminescent. Similar fluorescent tags on our drivers
licenses and passports are also designed to glow
under ultraviolet light. Although these fluorescent
materials have been implemented widely in order to
protect high-value merchandise, government
documents and banknotes, they have a weakness:
once their recipes are familiar to counterfeiters, they
can be mimicked rather easily. Now weve invented
next-generation fluorescent inks that will present a
formidable challenge to counterfeiters. Images
Page - 11
printed from these new inks display colors that

depend on a type of built-in molecular encryption
and become visible only when viewed under
ultraviolet light. Each user can select his own ink
recipes, so even we the inventors will not be able to
mimic the protected fluorescent tag.
Creating the ink
This new ink has its roots in a serendipitous discovery

we made when trying to make a fluorescent molecule
that would contain some ring-shaped molecules.
Unexpectedly, we isolated a compound known as
heterorotaxane which has become our invisible inks
active ingredient.
a) Van Goghs Sunflower printed using our b) fluorescent ink under ultraviolet light and c) sunlight. CC BY-NC-ND
On its own, the heterorotaxane glows dark-red under

ultraviolet light. But its unusual arrangement of
molecules can be interrupted by adding a sugar,
namely cyclodextrin, which is derived from
cornstarch. Depending on how much cyclodextrin we
add and how it interacts with the heterorotaxane, we
can adjust our ink to give different fluorescent colors
along a spectrum of red to yellow to green.
On a molecular level, the colorless heterorotaxane
interacts with the other components of the ink. It
selectively encapsulates some parts and prevents
other molecules from sticking to one another
ultimately causing a change in color that is somewhat
difficult to predict. This is a level of complexity not
seen before in anti-counterfeiting tools.
Our inks are similar to the proprietary formulations of
soft drinks. One could approximate their flavor using
Fluorescent inks change color under ultraviolet light when printed on different paperstocks.
Stoddart Group, CC BY-NC-ND

other ingredients, but it would be impossible to match

the flavor exactly without a precise knowledge of the
recipe.
Not only that, the fluorescent ink is also sensitive to
the surface on which its applied. For example, an ink
blend that appears orange on standard copy paper
appears as green on newspaper. This phenomenon
means that this new type of fluorescent ink can be
used to identify different papers.
Source News:
www.ft.com
KBA Leads The Industry With

Popular Sheet fed LED-UV
Technology
From Small to
Large Format Presses
KBA North America is leading the industry with the
fastest-growing drying technology---LED-UV curing,
an exciting low-energy drying technology that is one
of the hottest topics among commercial and
packaging printers from small to large format. KBAs
research and development team in Germany, along
with its ink partners, have successfully integrated this
instant
cure-to-print
technology as a modular,
interchangeable LED-UV
curing platform into its
press line and is able to
offer
highly
knowledgeable assistance
to
its
current
and
prospective customers to
immediately capitalize on
LED-UVs many advantages
and
benefits.
Called
VariDry LED-UV the systems significant advantages
include:
Very low energy costs to power LED-UV; a

savings up to 50% in power consumption and energy
costs versus conventional UV dryers.
No heat on the printed sheet thus eliminating

distortion of plastic substrates
No spray powders or other chemicals
Yields more than 15 times the lifespan of

conventional lamps
Page - 12
Flexibility to easily move LED-UV lamps

interchangeably on press depending on job printing
applications
Inks can be cured at up to 340% total coverage

at standard densities
All stock types can be utilized including gloss

and matte coated papers, uncoated offset papers,
paperboard for packaging, non-porous synthetic
papers, foil-laminated sheets, and plastics such as
lenticular as well as most plastic packaging, card and
label stocks.
Environmental and safety benefits; UV, HUV,

HR-UV or LE UV all rely on mercury lamps; LED
eliminates the risk of mercury or ozone contamination
and is 100% compliant with future bans on mercury
for human safety
We are at the forefront in this rapidly-accelerating
transition to LED UV drying as this new technology
gains fast acceptance, says Chris Travis, KBA director
of technology. KBA is the only large-format press
manufacturer that can offer LED hybrid presses using
both traditional UV and LED-UV processes. We are also
the only large-format press manufacture that
produces its own dryer; this means the KBA VariDry
system is fully intergrated into the press allowing for
easy operation no matter if it is infrared, hot air,
traditional UV, HR UV or LED-UV. KBA has been
supplying traditional UV long perfecting presses for a
number of years and,
with the introduction
to LED-UV, the process
is a perfect fit for
p e r f e c t i n g
configurations. Over
the last year ink
development
has
increased and we are
now seeing a number
of suppliers offering
LED UV inks. We continue to test and help to develop
new products at our headquarters in Germany to
provide valuble feedback and recommendations for
our customers.
At Drupa 2012, KBA demonstrated LED-UV drying on a
Rapida 106 41-inch pressthe first and only press
manufacturer to do so. Today, KBA can offer LED-UV
presses on all formats with or without traditional UV
capability. KBA also offers traditional UV presses that
are LED-UV-ready. This means that when a printer
wants to switch to LED or complement a traditional UV

press, it can be easily accomplished with a few

modifications since all KBA UV presses are LED-UV
ready. This provides KBA customers with maximum
flexibility and future-proofs their investment. The KBA
VariLED LED-UV system is fully integrated into the
press and can be actuated according to the print
format. In the future, when running a short sheet the
light-emitting diodes will turn off outside of the sheet.
At the Print UV Conference in early March 2015, KBA
had many notable discussions about its technology
with interested printers. At the seminar entitled New
UV Technology Impact on Sheetfed Press
Manufacturers, Dirk Winkler, KBA international
director of the print technology department in
Radebeul, Germany, discussed how sheetfed press
manufacturers, including KBA, put UV technologies
such as HR-UV and LED-UV through an arduous
process long before these technologies are ever
declared ready-for-delivery. Winkler and Travis offered
their deep knowledge and experience as they
discussed the LED process and what KBA and other
press manufacturers do to qualify this new process
before going to market.
We see the immediate future of energy curable
presses to be a combination of LED-UV and traditional
UV, remarks Travis. For example, LED-UV offers a big
advantage within the printing units while we will
continue to utilize the benefits of traditional UV in the
end-of-press dryer to cure coatings. After our many
LED UV installations on Rapida106 presses in Europe
last year, we will be hosting an open house this
summer focusing on LED-UV showing the process on
all press models from small to large-format. We look
forward to welcoming printers to see what this
popular technology can do for them. KBA North
America is located in Dallas, Texas and a member of
the KBA Group. Established almost 200 years ago in
Wuerzburg, Germany, Koenig & Bauer AG (KBA) is the
oldest and second largest press manufacturer
worldwide. KBA's banner, 'People & Print', reflects its
dual focus as a leading innovator for print
entrepreneurs. The group's product range is the
broadest in the industry; its portfolio includes
sheetfed offset presses in all format classes,
commercial and newspaper web presses, inkjet
systems and presses, flexographic presses, special
presses for banknotes, securities, metal-decorating,
smart cards, glass and plastic decorating. For more
information visit the company's web site at
www.kba.com.
Page - 13
Visitor influx and trade fair orders surpassed expectations
Print China a
success for KBA
resounding
With over 200 printing units sold from all available

series and a high influx of visitors to the 1,000m2
stand, Print China which ran from 7 to 12 April in
Guangdong was a huge success for the KBA Group.
Shijiazhuang Jiandong Printing Company ordered two Rapidas at Print China.

KBA CEO Claus Bolza-Schnemann (3rd right) and Ralf Sammeck, KBA executive
vice-president for sheetfed offset presses, were also pleased.
Several KBA companies joined forces under the

banner KBA: Print Solutions for All and the host of
exhibits ranging from sheetfed and web offset, flexo,
inkjet, metal, hollow container and glass decoration,
and digital coding systems were met with great
interest. The Chinese print pundits were surprised and
blown away by the breadth and variety of print
solutions bearing the KBA logo. Many only previously
knew of KBAs Rapida sheetfed offset presses which
are widespread in China. Despite the countrys recent
somewhat sluggish economy, the string of new orders
and projects booked by the end of the trade show
KBA is a trailblazer in LED-UV. Presentations of this technology on a Rapida 75

were very popular. It is attractive predominantly for commercial printers
clearly surpassed all expectations. KBA profited from

its strong footing in packaging printing. In addition,
high performance presses with extensive kit and

automation are becoming increasingly popular given

the rise in wage costs also in China. KBA Rapidas
accommodate this trend.
Print Solutions for All banner hits home.

Claus Bolza-Schnemann, president and CEO of
Koenig & Bauer, summed up his visit to the trade
show: Print China shows us that our efforts
concerning our Fit@All programme are on the right
track and that we will be fit and well-positioned to
move into the third century of our companys long
history in two years time. Ralf Sammeck, executive
vice-president for sheetfed offset presses, was also
present and added: Along with sheetfed offset, our
exhibits here demonstrate that KBA specialises in
nearly everything which can be printed and finished
with colour or inks using various techniques. We can
therefore fulfil all of our customers demands.
Crowds flocked to watch live demos of a five-colour
Rapida 105 with coater and a Rapida 75-4+L equipped
with energy-saving and environmentally friendly
LED-UV. The Rapida 105, which is based on the Rapida
Page - 14
internet printer Zhengzhou Shengda Color Printing

Co. Ltd is an example of the shift in the Chinese print
market. KBA sales director Dietmar Heyduck: In the
face of tough competition Chinese online printers are
increasingly switching to large format. We are
supporting this development with our automated
large-format presses for fast job change, a higher level
of productivity and shorter delivery times. Walter
Zehner, managing director of KBA China: Gaining
online printers as customers for our highly productive
large Rapidas is a huge opportunity for us and means
less staff costs for our clients, increased efficiency and
greater competitiveness.
Group photo of the big KBA family after the trade show
The order for two Rapida 106 with DriveTronic SIS

sidelay-free infeed and DriveTronic SPC direct
plate-cylinder drives by Guangdong Jinguan
Technology Co. Ltd. is a further example of the trend
towards high tech in China. The company aims to offer
packaging printing with this new high-performance
technology online. Accordingly, signing the contract
was celebrated officially in the presence of members
of the KBA management board.
Live demos of a Rapida 105, which is especially popular in China, attracted huge
interest (3)
106, can be found in printing companies across China

and was again the most ordered press at the show. A
raft of new users also snapped up the more highly
automated Rapida 105 PRO, even though its official
unveiling is scheduled for the end of June in Radebeul.
KBA profits from shift in Chinese print

market
The string of orders placed during the trade show
ranged from the Rapida 75, Rapida 105, Rapida 105
PRO, the high-tech Rapida 106 to the large-format
Rapida 145. The second order for a Rapida 145 from
Source News:
http://www.kba.com/en/news/newspaper-printing

SICPA
SOUTH
CELEBRATES
ITS
ANNIVERSARY
AFRICA
25TH
SICPA South Africa will be celebrating its 25th

anniversary this year. Based in Linbro Business Park on
the outskirts of Johannesburg, the team is composed
of 16 employees.SICPAs operations in South Africa
started in early 1990 with two branches, initially
located in Johannesburg and in Cape Town.
Production included label and publication inks as well
Page - 15
and delivery of sophisticated new secure identity

document solutions, including functional ID products,
by combining De La Rues security technology and
expertise and world class design capabilities with
DNPs highly functional anti-counterfeit technologies.
Julian Payne, Product Marketing Director, De La Rue
said We are delighted to confirm this partnership with
DNP and look forward to working closely with them to
drive innovation in the industry.
Sakae Hikita, Managing Director of DNP stated By
bringing together the strength of our two
organisations, we have the foundations of a very
successful alliance and are proud to be strategic
partners working alongside De La Rue in this market.
About Dai Nippon Printing:
as packaging and security inks.Today, SICPA South

Africas branches are merged into one and have been
relocated to their current location. Its activities are
now solely focused on security inks after the SICPA
Group made the decision to divest its commercial inks
business in 2005.
Source News:
http://www.sicpa.com/news/corporate/africa/sicpa-south-africa-celebrates-its-2
5th-anniversary
De La Rue partners with Dai

Nippon Printing
Dai Nippon Printing Co., Ltd (DNP) and De La Rue plc
today announce that they will cooperate on the
development of new anti-counterfeit technologies to
be used in secure identity document solutions.
Thursday 11 June 2015:
The
agreement
between De La Rue
and DNP signed
in
June
2015
outlines
a
global collaboration
for the two
organisations
on
activities in the
identity
solutions
sector.
The focus of this
par tnership
will centre on the
development
DNP established mass production

technology for holograms in 1982.
This was followed in 1987, by the
manufacture and personalization of
IC cards achieved ahead of its
Japanese domestic competitors, and DNP has
continued forge ahead as an industry leader in the
development of security products.
In recent years, strong needs have emerged for the
safer and more secure handling of mission-critical
corporate data, and of consumer personal
information. In answer to these information security
needs, DNP offers a business model with unique
security technology strengths from the twin fronts of
manufacturing and information and communication
technology (ICT).
DNP is listed on the Tokyo Stock Exchange (7912). For
further information visit www.dnp.co.jp
About De La Rue plc:
De La Rue is a leading commercial banknote printer,

security paper maker and provider of security
products and software solutions and, as a trusted
partner of governments, central banks and
commercial organisations around the world, is at the
forefront of the battle against the counterfeiter.
As the worlds largest commercial banknote printer,
De La Rue provides customers with a fully integrated
range of sophisticated products and services which
are available either individually or as a whole. This
includes a leading design capability, production of
innovative security components, manufacture of

security paper and polymer substrates and

sophisticated printing of banknotes, all contributing
to trust in the integrity of currencies.
De La Rue is the worlds largest commercial passport
manufacturer in an environment of increasing global
concern over security at national boundaries and
border control. De La Rue also produces a wide range
of other security products, including tax stamps for
governments who are seeking to combat illicit trade
and collect excise duties. Other products include
authentication labels, assuring purchasers of product
validity, and government identity documents. In
addition the Group manufactures high speed cash
sorting and banknote inspection equipment.
De La Rue also provides a range of specialist services
and software solutions including government identity
schemes, product authentication systems and cash
management processing solutions.
De La Rue is listed on the London Stock Exchange
(LON:DLAR).
Source News:
http://www.securamonde.com/news/page/3/
De La Rue hires new finance boss

Banknote printer De La Rue has named its new finance
chief just four weeks before the company faces its
shareholders at its annual meeting.De La Rue said it
had hired Jitesh Sodha to replace Colin Child, who will
step down in July after five years at the business.Mr

Sodha, whose last role was at privately owned petrol
and diesel distributor Greenergy Interntional, will join
the board in August.De La Rue, which prints bank
notes for the Bank of England and central banks in 150
countries, tumbled out of the FTSE 250 last month
after its shares were hit by a decline in profits.Mr Child
announced he would leave the business in January
Page - 16
after the strugling security printer said that it

expected profits to fall by around 20m to 70m.
Source News:
www.telegraph.co.uk

Maldives banknotes to use

Safeguard polymer substrate
13 May, 2015
The Maldives Monetary Authority, the countrys
Central Bank, has announced that its next series of
banknotes will be printed using De La Rues
Safeguard polymer substrate.The new family of notes
will consist of denominations currently circulating (10,
20, 50, 100 and 500 Rufiyaa), the new 1,000 Rufiyaa
note which is due to be issued in October 2015, plus a
new commemorative circulating 5,000 Rufiyaa
banknote which will be the first of the new banknote
series to be launched at the end of July this year.A
design competition was held by the Maldives
Monetary Authority which resulted in the winner,
Abdullah Nashaath, being selected to work alongside
De La Rues banknote designers to create the new
banknote family.
We are very excited to be introducing these modern
polymer banknotes and we are sure that the people of
the Maldives will be pleased with their new notes. We
are grateful for all De La Rues expertise and assistance
as we undertake this important project. Dr Azeema
Adam, Governor, Maldives Monetary Authority
Need to move towards plastic

currency:
Indian Finance Minister Arun Jaitley
New Delhi, Jun 2, 2015 (PTI)

Finance Minister Arun Jaitley today made a case for
greater use of plastic currency even as he stressed that
development of new facilities at Hoshangabad and
Mysore would help in reducing reliance on imports for
printing of currency notes.
"The developed world has moved substantially to
plastic currency and payment gateways. I think there
is need for India and our determination is there to
gradually take steps to move in that direction," he said.
Jaitley was speaking at a conference on 'Make in India
Indigenisation of Currency' here.
The minister said that the country needed to get rid of
"obsolete methodologies" and catch up with the
technologies of future to promote industrialisation
and create jobs.
Page - 18
The plastic currency refers to the usage of credit and

debit cards. It also reduces reliance on paper currency
notes.
Meanwhile, Jaitley said that development of paper

manufacturing facilities at Hoshangabad and Mysore
would help in printing currency notes on domestically
produced paper and promote 'Make In India' initiative
of the Modi government.
"It's about time that we start at least printing our own
currency with our own ink and paper. It is not merely
symbolism. It also represents a thought process where
there is a desire to bring back Indian manufacturing at
a particular level," he said.
Jaitley last week inaugurated the New Bank Note
Paper Line with an annual capacity of 6,000 tonnes at
the Security Paper Mill (SPM) at Hosanghabad.
The minister also made a case for development of
industrial corridors saying that it would help in
generating jobs in the rural areas.
Trinidad & Tobago wins 2014

Bank
Note
of
the
Year
11 May, 2015
The International Bank Note Society (IBNS) has
announced that the winner of the 2014 Bank Note of
the Year award is the 50 dollar polymer note from the
Central Bank of Trinidad and Tobago.
The note, collaboratively produced by the Central
Bank and De La Rue, commemorates the Banks 50th
anniversary and has been in circulation since
December 2014.
The note was one of 130 banknotes issued throughout

2014 of which 35 designs were eligible for

nomination. Second place was given to the 5000 Franc
banknote from the French Pacific Territories, followed
by the 10 Dinar note from Kuwait which came third.
Page - 19
Tak-lam
It was mentioned that the current series of banknotes,
issued in 2010, had discouraged counterfeiting
through the use of specific anti-counterfeit security
features. There is now less than 1 counterfeit banknote
for every 1 million banknotes circulating in the city,
compared to 8 out of every million in 2005.
The new banknote designs are intended to ensure the
integrity of the Hong Kong dollar continues, with
modern security features that are user friendly but
also cost efficient to keep printing costs down.
Norman Chan Tak-lam commented that the demand
for banknotes has increased since 2000.
In 2000, we only had HK$100 billion worth of
banknotes in circulation, now we have HK$340 billion
in circulation, he said. The growth rate is more than
10 per cent each year.
Source News:
http://www.securamonde.com
Trinidad and Tobagos note uses De La

RuesSafeguard, a polymer substrate product
launched in 2013. The design is very colourful,
predominantly golden, incorporating hibiscus flowers,
a native bird and a carnival dancer. Most eye-catching
is arguably the Red-Capped Cardinal bird which
appears in the polymer substrates clear window.
Source News:
http://www.theibns.org/
Hong Kongs new banknotes

with
advanced
security
7 May, 2015
An article in the South China Morning Post has
advised that Hong Kong will be issuing new banknote
designs within the next two to three years which,
according to the Monetary Chief Executive Norman
Chan Tak-lam, will incorporate the most advanced
security features available.
This was unveiled during a recent media tour of the
Hong Kong Note Printing plant.
We have just started to prepare for the launch of a
new series of banknote. We expect the whole
preparation process may need two to three years as
we need time to search for and buy the most
advanced security features for the banknotes, while
the three note-issuing banks would also need time for
their designers to do the design. said Norman Chan
Scottish
polymer
begins circulating
banknote
The first fully polymer banknote to be circulated in

Great Britain has been launched this week by
Clydesdale Bank. The new plastic 5 banknote is
available from Clydesdale Bank branches from today, a
year before the Bank of England plans to issue its own
polymer banknotes. The limited edition banknote is
being launched to coincide with the 125th
anniversary of the opening of the Forth Bridge a
total of 2 million notes (10 million) will eventually be
issued into circulation. The note has been designed by

De La Rue and uses its Safeguard polymer substrate.
It includes the SPARK Orbital security feature by De
La Rue (using SICPAs SPARK ink).

Debbie Crosbie, Acting CEO of Clydesdale Bank, said:

We take our responsibility as an issuer of banknotes
seriously and are extremely proud to once again be
leading the way in innovation.
Our new polymer notes are more durable and secure,
which will deliver a positive impact for the public and
businesses. We have achieved that while also creating
a striking and beautiful design which celebrates an
iconic Scottish landmark.
Being able to involve the next generation of Scottish
engineers with the launch has been particularly
pleasing. Hopefully some of the children present will
go on to play their part in developing future
engineering and scientific innovations.
China: Power plant burns

banknotes instead of coal
A company in one Chinese city has money to burn,
and is using it to make electricity, it's reported. The
power plant in Luoyang, central Henan Province, is
burning old and damaged banknotes instead of coal the first time this has been done in China, the official
Xinhua news agency reports. The plant says one tonne
of notes can generate more than 600 kWh of
electricity, and is better for the environment than
burning coal. The country's central bank, the People's
Bank of China, has given permission for the notes to
be burned, and says it's an efficient way to make
electricity. With the province's unused paper money

the company "can help generate 1.32 million kWh of
electricity annually, which is equal to burning 4,000
tonnes of coal", a member of staff at the bank tells
Xinhua.
Banknotes which are withdrawn from circulation in
China after being worn out by handling or other
damage are most commonly used to make paper
products, according to the Dahe Daily news website.
Page - 20
The idea of setting fire to the city's cash has amused

Chinese social media users. "Burning money? Luoyang
is such a rich city!" says one Weibo user, while another
person writes: "I'm willing to go a year without
electricity, please give me a pile of cash!" But one user
has a craftier suggestion: "Hire me as an employee, I
promise I won't take any money."
Source News:
http://www.bbc.com
Invisible QR codes could secure

banknotes
Quick response (QR) codes
have been springing up
everywhere in the past few
years - you've probably
seen
them
adorning
adverts on posters and in
magazines.
These
black-and-white graphics are designed to be scanned
by smart phones for rapid access to web links and
other information.
Now researchers in South Dakota have worked out
how to create QR codes that are invisible to the naked
eye. These could then be used to authenticate objects
such as banknotes.
The new QR codes are made from nanoparticles of
blue and green fluorescent ink which are invisible to
the naked eye but reveal themselves under
near-infrared laser light. A Smartphone can then snap
a picture as normal to scan the code.
Jeevan Meruga and colleagues at the South Dakota
School of Mines and Technology in Rapid City, South
Dakota, used an online QR code generator to create a
normal QR code but then converted it into a file
suitable for printing using an aerosol jet printer. This
took a total of one-and-a-half hours, though the
process could be reduced to 15 minutes if
commercialized. Meruga says the technique makes it
difficult to counterfeit the codes, as they can add
additional security features such as using a particular
concentration of nanoparticles.
Because the codes are invisible they can be added to
objects without spoiling their physical appearance.
Such security may prove useful if 3D printer piracy
ever takes off, as manufacturers will want to protect
their products from being scanned and duplicated.

'World's first' facial recognition

ATM unveiled in China.
Mainland researchers have developed the first
automated teller machine with facial recognition
technology.
The developers include Tsinghua University and
Tzekwan Technology, a Hangzhou firm that provides
security protection for financial transactions, Xinhua
reported.
Tzekwan chairman Gu Zikun, an anti-counterfeit
technology expert, believes the technology will curb
ATM-related crimes. ATM parts on the mainland
currently relied mostly on imported technology, the
report said, but the new machine, which combines
high-speed
banknote
handling,
improved
counterfeit-bill recognition and facial recognition, was
wholly Chinese.
Gu said the product had passed the authorities'
certification and would soon be available on the
market. It is unclear who will manufacture the ATMs
and how it will collect facial data.
The news come a week after the state launched its
"Made in China" campaign, which aims to transition
the mainland from a manufacturing hub for low-end
goods to high-quality products within the next 10
years.
Cash machines using fingerprint authentication have
sprung up in countries like Chile and Colombia. These
biometrics ATMs are not being used by some
countries, such as the United States, because of
privacy concerns and its high cost.
Trials of facial recognition ATMs have been carried out
elsewhere. In December, a credit union in Baltimore
tested such an ATM in the hopes it would stop ATM
theft.
But opponents to the technology have taken their
concerns about privacy and accuracy online.
"What happens if someone had plastic surgery to look
like someone else," one user asked. "How much will it
take to turn my face into Jack Ma's?"
Page - 21
RBI gives Rs 100 note a

makeover, check out the new
security
features
here.
In its uphill battle to fight fake currency notes, the
Reserve Bank of India (RBI) has one more trick up its
sleeve.
RBI on Thursday announced that they have given the
Rs 100 a makeover. Well, almost. As per the apex
bank's notification, RBI has issued Rs100
denomination banknotes in Mahatama Gandhi
series-2005 with a new numbering pattern.
What's new: The notification on the bank's website
says, "The numerals in both the number panels of
these banknotes will be in ascending size from left to
right, while the first three alphanumeric characters
(prefix) will remain constant in size."
Such a move will enhance the security of the

banknote, as general public can easily see this new
security feature, and hence distinguish a fake note
from a real one.
Other features of the makeover note, are same as the
current design of Rs 100 banknotes in MG series-2005.
Hence, the new will also have the " symbol on the
obverse and the reverse, an inset letter 'R' in both the
numbering panels, The note will also have the
signature of RBI Governor, Raghuram Rajan along with
the year of printing 2015.
Keep in mind: Though the new has come, that does
not mean the old has gone. All banknotes in the
denomination of Rs 100 issues in the past continue to
give bang for the buck. In due time other
denomination notes will also get this visible security
feature makeover.
In other news, RBI extended deadline to exchange
pre-2005 currencies to 31 December.

RAB nabs five members of a

counterfeit
currency
cartel
The Rapid Action Battalion (RAB) has arrested five
members of a currency counterfeiting ring that was
planning to release Tk 10.48 million into circulation
ahead of Eid-ul-Fitr.
RAB spokesman Mufti Mahmud Khan said on Sunday

that they were arrested from a house at Banasree in
capital Dhaka on Saturday night.Weve recovered fake
notes of Tk 10.48 million (face value) and some faking
instruments from the house, he said.
He claimed one of the arrestees, Rahim Sheikh, was
the cartel kingpin.He also said the detail would be
revealed in a press conference later.On June 14, police
had arrested six of a similar gang with Tk 5 million of
counterfeit notes from Sher-e-Bangla Nagar. Police
had said they were looking for gangs six other
members. The law enforcers also asked people to be
careful while shopping before the Eid.
Source News:
www.bdnews24.com
Counterfeiting MICR cheques

increasing
Although Magnetic Ink Character Recognition (MICR)
cheques are believed to be full-proof against
counterfeit, recent complaints lodged with the
Bangladesh Bank indicates fraudsters are managing to
copy them.
The central bank has asked all banks to report
incidents of counterfeiting of cheques. At the same
time it asked for suggestions on how to prevent such
Page - 22
fraud.MICR technology was introduced to stop

cheque counterfeiters at a cost to the
customer.Generally they only get one book free for
the whole year and are charged for the rest. Many
even do no issue a single cheque book free
.Bangladesh Bank officials said they are yet to receive
response from all the banks but 13 banks have got
back with complaints of MICR cheque counterfeiting.
A foreign bank faced highest incidence of cheque
fraud, reporting 18 cases. A private bank followed with
16 such complaints.
Most of them involved money being taken out from
the bank through clearing even though the cheques
or instruments issued to a customer was
untouched.Related officials of Bangladesh Bank said
although MICR cheques were thought to be full proof
a number of counterfeiters have breached its
protection.They added chemicals readily available in
the markets can be used to remove printed
information on the cheques and reprint them to
benefit counterfeiters.The central bank has advised
cheque printing organisations to improve security

features.Three private and one public organisation
prints cheques in Bangladesh. They are Net World,
Japan Bangladesh Printing Corporation, Secura
Bangladesh Limited and Bangladesh Security and
Printing Corporation.

Page - 23
Increase in euro counterfeit

banknotes.
from circulating, such as SICPAs SPARK feature,

hologram stripe and patch, magnetics and
fluorescence.
The European Central Bank (ECB) has released its

banknote counterfeit figures for the second half of
2014, showing an increase in the number of fake
banknotes withdrawn from circulation.
Source News:
http://www.securamonde.com/2015/01/26/increase-in-euro-counterfeit-bankn
otes-2/
507 thousand counterfeit banknotes were removed,

an increase of 53% compared to the first half of 2014
and an increase of 44% compared to the same period
in 2013. However, the ratio of counterfeit banknotes
to authentic banknotes in circulation remains small, at
0.003%.
Analysts discuss ways to raise

awareness on fake notes
A seminar of policymakers, regulators, bankers and
international experts took place in Dhaka yesterday to
raise public awareness on counterfeit banknotes as
the country beefed up its efforts to prevent forgery.
Bangladesh Bank and International Institute of
Currency Technology organised the first international
seminar on public awareness on fake note detection
and prevention, at Shahid Suhrawardi Indoor Stadium
at Mirpur in the capital.
The fake-note makers use sophisticated technology to
make the fake notes look just like the real ones, MA
Mannan, state minister for finance, told the
participants at the event.
The majority of counterfeit banknotes were 20 and

50 denominations, and the vast majority (97.5%) of
all counterfeits were found in euro area countries.
The ECB has begun to release the new Europa series of
banknotes, the second design since the euro was
introduced in 2002. To date, the 5 and 10 banknotes
have been released (in 2013 and 2014 respectively)
and the remaining denominations will be changed

gradually during the next few years.
The new banknote designs contain modern security
features aimed at reducing counterfeit banknotes
The state minister said fake notes are more prevalent

in rural areas as the facilities to detect the counterfeit
bills are not adequately available there and those who
deal with money do not know much about it.
It is the responsibility of the state to protect the
public from the fake notes.
A number of speakers at the seminar said fake
currencies and notes not only damage the economy
but also encourage smuggling and terror-financing.
Current laws and the security features in the notes are
not enough to prevent counterfeiting and are not
adequate to forestall the spread of fake currencies,
they said.
"It is a unique seminar to raise awareness so
everybody becomes aware about counterfeit notes
and the general people are not punished," said Helal

Ahmad Chowdhury, managing director of Pubali

Bank.
Bankers said public awareness is the most important
and effective tool to cut production and circulation of
fake notes.
Abul Quasem, a deputy governor of Bangladesh Bank,
urged the banks to remain alert so fake notes do not
go out or come into the banks.
Bankers, money handling agencies, law enforcing
agencies and common users of banknotes took part in
the event.
6 held with Tk 40 lakh fake

notes.
Detectives continue to bust fake money-making units
ahead of Eid and in the latest drive detained six along
with Tk 40 lakh forged notes in Dhaka.The detainees
were introduced as Hawladar Sohel, Mazharul Islam,
Alamin, Arif Rahman alias Nipu, Shafiul Islam and
Sohel Mia.They are said to have been involved in
producing fake currencies and circulating them in the
market for the past six years, police officials said.
A team of detectives cracked down on Sher-e-Bangla
Nagar area last night around 8:30pm and held them,
Monirul Islam, spokesperson for Dhaka Metropolitan
Police (DMP) said in a press briefing.
Fake cash of Tk 40 lakh, forgery papers, formats, two

laptops, two printers and various other equipments
were seized from their possession.
During the primary interrogation, the detainees
confessed that they have been running the fake notes
making business for the last six to seven years, Monirul
said.
Sohel set up a fake note making factory at his
associate Majharuls house ahead on the Eid festival,
Monir said. Sohel and his associates were arrested
Page - 24
previously for links with fake-money making.

Five days ago, another six people were held who were
also fake-money makers and also have been in the
business for the last five to six years held several
times by police for this crime.
Commercial Banks
Dutch-Bangla Bank has been
awarded the Best Digital Bank
by Digital World 2015.
Dutch-Bangla Bank has been awarded the Best Digital
Bank by Digital World 2015.
This prestigious award is recognition of Dutch-Bangla
Banks advanced technology-based banking services,
which gives the unbanked population of Bangladesh
access to financial and banking services.
Page - 25
Nayeemul Kabir and other high officials of the Bank

were also present at the press meet.
While delivering his speech, the managing director
said the bank has collected Tk 12.48 billion (1,248
crore) in deposits and Tk 9.08 billion in advance
through its 11 branches around the country in the last
two years of its operation.
M. Moniruzzaman Khandaker, chairman of Midland Bank, cutting a cake at a press

conference on Thursday at its Head Office ahead of the bank's 2nd anniversary of
commercial operations.
The bank opened 18, 318 accounts by this time. When

asked if the performance is satisfactory, he said the
MDB does not want to do 'aggressive' banking.
On this occasion, Dutch-Bangla Bank would like to
offer its heartfelt gratitude to the Government of
Bangladesh, ICT Division, Ministry of Posts,
Telecommunication&
Information
Technology,
Bangladesh Bank, BASIS, Digital World, our values
clients and well-wishers.
Midland Bank to
customer services.
step
up
Fourth-generation private commercial bank Midland

Bank Limited (MDB) has promised to offer quality
services with enhanced customer focus as it steps into
the third year.
"We promise to provide quality banking service with
enhanced customer focus and innovate a wide variety
of need-based products with popular solutions in our
third year," managing director & CEO of the bank Md.
Ahsan-uz Zaman said.
He was speaking at a meet the press on Thursday at its
head office, organized on the occasion of celebrating
the 2nd anniversary of commercial operations
tomorrow (Saturday).
Deputy managing director of bank Khondoker
"We believe in slow, steady and sustainable progress,"

he said.
The bank introduced a number of innovative and
attractive deposit and loan schemes for its customers,
also introduced internet banking and VISA-branded
debit and credit cards.
The managing director reiterated the bank's
commitment in providing modern and customerfriendly services to its customers.
The bank's endeavor will continue in bringing more
friendly, customized and attractive products for a
better client experience, he said.
"We seek to be the first choice of our customers as a
distinct financial service provider, trusted, respected
and valued by all stakeholders within the region and
beyond pursuing an endless voyage towards
excellence in every respect," he said.
He also said MDB wants to expand its service through
agent banking.
"We want to reach unbanked people through agent
banking as MDB would not have many branches," he
added.
Commercial Banks
Sonali
Bank
extended by
MDs
tenure
another year.
The government has extended the tenure of Sonali

Banks Managing Director
Pradip Kumar Dutta by one
more year. It is the second
time he has been given an
extension.Bangladesh Bank
cleared his extension on
Sunday.I received a letter
from the central bank
extending my tenure, Dutta
told bdnews24.com. Sonali, the largest state-owned
commercial bank, had often made headlines in the
past after being hit by a multi-billion taka loan scam,
cheque theft and a series of robberies.Earlier, the
banks board nodded Duttas extension and wrote to
the finance ministry to take necessary measures.The
Bangladesh Bank sent a no-objection letter on Sunday
in response to the ministrys inquiry about if it had any
reservation about the move.Dutta joined Sonali Bank
as its MD for two years on June 17, 2012. His tenure
was extended for another year in 2014.
Page - 26
---------www.banknotes-news.com
Page - 28
Bankers
Banker Training Programs and

Requirements.
Banks employ various professionals, including office
and administrative support staff, bank tellers, clerks,
loan officers, auditors and managers. Some gain
expertise on the job, while others complete degree
programs in business administration, accounting,
finance or management.
Training Requirements and Recommendations
Banker training programs often are geared toward

office and administrative staff. The U.S. Bureau of
Labor Statistics (www.bls.gov) reported that, in 2008,
64% of banking jobs were
held by bank tellers, new
accounts
clerks
and
customer
service
representatives.
Management positions,
such as financial managers
and loan and trust officers,
accounted for 25% of
banking
industry
positions.
Excellent communication
and customer service
skills, as well as proficiency
in math, are necessary for all occupation levels in the
banking industry. Banking professionals must be
polite, accurate and trustworthy. Many banking
professionals must undergo criminal background
checks prior to employment.
Formal Education
Banker training is often offered through informal,

in-house programs. However, those interested in
management positions may need to pursue a formal
degree in accounting, business administration or
finance.
Training Programs
Many banks have customized training programs that

offer workshops or seminars for future and current
banking employees, including bank tellers, clerks,
support staff and administrative assistants. These
programs typically teach check-handling skills,
transaction procedures, account-balancing tasks,
counterfeit currency recognition and daily settlement
Page - 27
procedures. They also emphasize customer service

strategies and emergency preparedness techniques.
Bank teller certificate programs are offered through
some
community
colleges
and
financial
organizations, such as the American Bankers
Association (ABA). Programs like these often include
courses in banking ethics, business etiquette,
relationship selling and regulatory compliance.
Bachelor's Degree Programs
Aspiring banking executives often need at least a

bachelor's degree to reach their professional goals. An
undergraduate program in business administration,
finance or accounting could benefit those interested
in
upper-management
positions.
These programs typically
include
courses
in
accounting,
business
m a t h e m a t i c s ,
management,
human
resources and marketing.
Many prepare future
banking executives to
manage branch offices
and staff, ensure that
revenue
goals
are
achieved, develop new
business
acquisition
strategies and implement marketing initiatives.
Bachelor's degree programs for prospective bankers
usually take four years to complete.
Job Experience
On-the-job training and experience is paramount for

banking professionals. Since many banks promote
from within, job experience and performance could
dictate career outcomes for tellers, clerks, customer
service representatives and new account specialists.
Likewise, aspiring management-level professionals
might
demonstrate
leadership
and
fiscal
responsibility through internships or part-time jobs
while completing a banking degree program.
Licenses and Certifications
Banking employees who sell securities, bonds and
insurance must be registered with the National
Association of Securities Dealers. Most other banking
professionals are not bound by licensing or
certification requirements. However, voluntary
certification, which may establish credibility and

demonstrate proficiency in specialized areas, is

available through various professional groups.
The ABA Institute of Certified Bankers offers the
Certified Bank Teller (CBT) credential, in addition to
more than a dozen certifications within the areas of
compliance and risk management, mortgage and
commercial lending, retail, retail bank management,
retirement, and wealth management and trust.
Additionally, the Mortgage Bankers Association
provides a credentialing program for
Mortgage Bankers (CMB).
Certified
Page - 28
Total expenditure of scholarship this year is Tk 53.08

lac for this purpose while Tk.1.57 crore till date. Next
year we have a plan to provide 100 more scholarships,
which will raise beneficiary numbers to 334, and
budget will be Tk 10.64 million/Tk 1.64 crore. The
scholarships are given on the basis of SSC and HSC
results.
ABA National Conference for

Community Bankers
Workshops and Seminars
To stay abreast of current financial issues, banking

professionals often attend professional workshops or
seminars on topics such as commercial banking risks,
compliance issues, credit assessment strategies and
fair lending legislation. Colleges and universities,
government agencies and professional organizations,
such as the ABA, host or sponsor these banking
conferences.
Additional Professional Development
Banking professionals can supplement their
professional development through numerous trade
magazines and journals. For example, the ABA's
Banking Journal and Bank for International
Settlements' Quarterly Review offer articles on
industry trends and new marketing strategies. These
resources also report on evolving federal and global
banking policies and procedures.
Banking executives looking to advance in their careers
often pursue 2-year graduate degree programs.
Professionals may choose to complete traditional
master's degree programs in business administration
or specialize in investment banking or international
finance. A variety of graduate certificate programs in
banking also are available.
Higher Study Scholarship

Bank Asia provides higher scholarship to rural poor
meritorious students, who are studying in important
subjects in
p u b l i c
universities.
So far (since
2005)
215
students
have been awarded
the scholarship. Of
them, 94 scholarships have been provided this year.
More Details :
http://www.aba.com/Training/Conferences/Pages/community_register.aspx
National Australia Bank to host

its own international tech
conference.
National Australia Bank will corral executives from
across its numerous businesses and divisions in
Melbourne on Tuesday for an international IT
conference with a difference it will be tailored
entirely for NAB.
The event in its Docklands headquarters is the
brain-child of chief information officer David Boyle,
who said he reasoned that the bank could get much
greater value from bringing its big tech suppliers to
them, rather than sending one or two staff to
conferences around the world.
The speaker list will put senior representatives from
key suppliers like Microsoft, Oracle and Telstra's
financial services head Rocky Scopelliti alongside NAB

executives including chief executive Andrew

Thorburn, group executive of enterprise services and
transformation, Renee Roberts, and group executive
of product and markets, Antony Cahill.
Page - 29
The Asia Cash Cycle Seminar (ICCOS)

Dates: 08 11 September, 2015
City: Kuala Lumpur, Malaysia
Organiser: Currency Research
Hotel: Doubletree by Hilton
Website: asia.iccos.com
The Coin Conference
Dates: 21 23 October 2015
City: Madrid, Spain
Venue: NH Eurobuilding Hotel, Madrid
Website: www.thecoinconference.com
NAB CEO Andrew Thorburn will address the tech conference in Melbourne.
Mr Boyle said the event, known as Tech@NAB Live was

a bid to raise tech savvy across the business, and
ensure that suppliers and executives were making
best use of the technology available. It comes at a time
as Mr Thorburn is pushing technology as a key pillar of
his so-called One NAB company strategy to
reinvigorate the bank he took over last August. As well
as internal tech strategy, Mr. Boyle said the event was
aimed at raising awareness and sharing ideas about
disruptive tech elements in the financial services
sector.
"Things like innovation, digital disruption and
digitisation of business processes are high on the
agenda. We are talking a lot about mobility and
enabling the sorts of products and services in a mobile
world," Mr. Boyle said.
"We are also talking about big data and analytics, and
how we access the sort of fintech start-up innovation
capabilities that are relevant for our customers and
strategies."
Upcoming Event:
High Security Printing, Latin America
Dates: 22 24 June 2015,
City: Lima, Peru
Organiser: Reconnaissance
Venue: Westin Lima Hotel and Convention Centre
Website: www.hsp-latinamerica.com
Middle East & Africa Cash Cycle Seminar (ICCOS)

Dates: 03 05 November, 2015
City: Beirut, Lebanon
Hotel: Hilton Beirut Habtoor Grand Hotel
Website: mea.iccos.com
The Americas Cash Cycle Seminar (ICCOS)
Dates: 07 10 December 2015
City: Fort Worth, Texas
Hotel: Omni Fort Worth Hotel
Website: americas.iccos.com
High Security Printing, Asia
Dates: 07 09 December 2015,
City: Jakarta, Indonesia
Organiser: Reconnaissance
Venue: Shangri-La
Website: www.hsp-asia.com
Europe Cash Cycle Seminar (ICCOS)
Dates: 15 18 February 2016
City: Lisbon, Portugal
Hotel: TBC
Website: europe.iccos.com

Article /Opinion/Expert
suggestion /review.
The
topic
of
the
introduction I have been
invited to provide at the
Central Bankers' panel is
both
challenging
and
welcome. The challenge is
to answer a question that
has been hovering around
in recent months: should
the euro area assume the
role of a "global growth
engine" in the current
slowdown of the world
economy? The opportunity to address this issue
directly is welcome, as it allows me to elaborate on the
role the European Central Bank (ECB) must play in this
field. In doing so, however, I shall start first by briefly
recalling the objective of the monetary policy of the
ECB, which provides an essential background to the
analysis of the responsibility and the challenges the
ECB faces with respect to the current slowdown of the
world economy.
The primary objective of the ECB, as the Treaty of the
European Union defines it, is to maintain price stability
in the euro area. The Governing Council of the ECB has
defined price stability as "year-on-year increases in the
HICP for the euro area of below 2%". Furthermore, it
was made clear from the outset that price stability
should be maintained over the medium term. By
unambiguously assigning the primary objective of
price stability to an independent central bank, the
Treaty recognizes that focusing monetary policy on
the maintenance of price stability in the euro area
ensures that monetary policy will make the best
possible contribution to improving economic
prospects.
This view is rooted in the fact, supported by decades
of practical experience and empirical evidence, that
the benefits of price stability for growth are
substantial. Without putting forward all the
arguments, allow me to highlight, in particular, that
the maintenance of price stability helps to allocate
resources efficiently both across uses and across time.
Inflation causes economic agents to confuse
transitory with permanent price changes, and
therefore distorts their decision-making process. In
Page - 30
evaluating investment opportunities, firms need to

have confidence in the signals conveyed by relative
price changes, and to discriminate between relative
price adjustments and general changes in the overall
price level. This process is facilitated in a situation of
overall price stability. Price stability therefore
improves the transparency of the relative price
mechanism and can promote an adequate
environment to increasing the growth potential of the
euro area economy. Moreover, as experience has
shown, stable prices minimise the inflation risk
premium, thereby lowering long-term interest rates
and helping to stimulate investment and growth.
In order to maintain price stability, the ECB has
designed a monetary policy strategy wherein risks to
price stability are assessed on the basis of two pillars.
The first pillar assigns a prominent role to monetary
developments. The second pillar is a broadly based
assessment of a wide range of other economic and
financial indicators. This all-encompassing and
systematic approach guarantees that the Governing
Council of the ECB takes into consideration all relevant
pieces of information when assessing the outlook for
price stability in the medium term.
All this shows clearly that the ECB needs to focus on
the euro area when conducting its monetary policy.
Focusing on domestic objectives is, in fact, the
mandate of all major central banks in the world, and
rightly so. I strongly believe that the best contribution
that the euro area can make to world economic
growth is to ensure macroeconomic stability "at
home" by pursuing policies which lead to sustainable
non-inflationary growth in the euro area. Given the
size of the economy of the euro area, a
stability-oriented policy will help to create a favorable
environment conductive to non-inflationary growth
at the global level. The mandate of the ECB is fully
consistent with this principle. This is the only
reasonable allocation of responsibilities among the
large economies in the world. Anything else risks
blurring such responsibilities and diluting
accountability, which would in turn distort incentives
in a perverse way.
This notwithstanding, the euro area is not, of course,
economically speaking, an island and global
developments do affect the euro area economy.
Hence, let me also stress that one of the requirements
of a globalised world is a frequent exchange of
information and views among policy-makers. The ECB
currently participates in the meetings of international

organizations, such as the International Monetary

Fund (IMF), the Organization for Economic
Co-operation and Development (OECD) and the Bank
for International Settlements (BIS), and different fora,
such as the G7. Such exchanges are important, among
other things, to better understand economic
developments and to fully analyze the spillover effects
in the economy arising from different policies.
The ECB is not in a position to fine tune economic
activity in the euro area, as it does not have the
instruments to do so. Any attempt to do so would
prove counterproductive, leading to an inefficient
medium-term outcome characterized by higher
inflation and lower growth. Two main factors support
this view. First, economic developments are
surrounded by a great deal of uncertainty. This
uncertainty affects the analysis of both the current
state of the economy and its future course. And
second, monetary policy operates with relatively long
lags, having very little effect on the economy in the
short run. Past experience has shown that attempts to
fine-tune the economy might place in jeopardy the
commitment to maintain price stability in the medium
term, as is essential for a well-functioning economy.
Once inflation exists and inflation expectations prevail
in the economy, the economic costs of the
subsequent necessary stabilization far exceed
whichever temporary benefits might have been
previously obtained.
Therefore, the ECB needs to remain focused on the
maintenance of price stability in the medium term.
The ECB pursues this objective in a consistent and
forward-looking manner, ensuring the confidence of
all policy-makers, both within and outside the euro
area.
Experience so far suggests that the ECB has been able
to keep inflationary expectations at a low level.
Although current HICP figures in the euro area are
adversely affected by energy and food prices, the
current outlook is compatible with the maintenance
of price stability in the medium term.
This view is supported by the analysis of bond yields. It
is comforting to see that market participants expect
medium-term price developments to remain in line
with the ECB's definition of price stability. Currently
available forecasts give rise to the expectation that
inflation will again fall below 2% in 2002. Hence, we
appear to be on the right track. However, we must not
ignore existing risks to price stability. The Governing
Council of the ECB therefore always stresses that it is
Page - 31
vigilant and will take into account all new information

that might affect the outlook for price stability in the
medium term.
Let me now conclude by recalling that, while the ECB
cannot be held accountable for growth in the euro
area, interest rates in the euro area have been
relatively low, and cannot, by any means, be
considered to be an obstacle to growth. Currently,
although uncertainty remains high, the general
expectation is that growth in the euro area will remain
at, or slightly above, trend potential growth in the
period ahead.
Having said that, the ECB would welcome an increase
of the already substantial contribution of the euro
area to global economic growth. However, this should
be achieved in a lasting way, by increasing the growth
potential of the euro area. The growth potential of an
economy, however, is determined by technological
and structural factors. Raising its growth potential is
an important challenge that the euro area faces,
achievement of which would spread its benefits
throughout the world.
While some reforms have already taken place,
additional
efforts
are
needed.
Ongoing
comprehensive structural reforms of the labor and
product markets remain essential in order to improve
the functioning of markets in the euro area.
Responsibility for these reforms lies with the
governments, and with the key national economic
agents on the side of labor and industry. It is crucial to
increase investment incentives through structural
policy measures such as deregulation and
privatization. Fiscal policy should continue along the
path of diminishing adverse incentives provided by
tax, benefit and pension systems, while reforms on the
expenditure side of the budget are also needed for
progress along the way towards the medium-term
objective of attaining budgetary positions "close to
balance or in surplus".
To sum up, although monetary policy cannot lift the
euro area's growth potential, the benefits of price
stability for growth are evident, as stable prices
provide the proper environment for structural reforms
to work. While the ECB will maintain its commitment
to the maintenance of price stability, other
policy-makers should assume responsibility for
increasing the growth potential of the euro area. This,
in turn, is the best allocation of responsibilities to
contributing to sustainable non-inflationary growth in
the euro area and, thereby, also at a global level.
INTERNATIONAL INSTITUTE OF CURRENCY TECHNOLOGY

ES
T.
201
website : www.currencystudy-institute.org
Email: iioct.bd@gmail.com

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Global Banknote and Bankers News

Central Bank Affairs

Counterfeit Protection of Banknote

Printing, Minting & allied Industry

APRIL 2015 , VOLUME 01 , ISSUE 01

Central Bank Affairs Information

Bangladesh Bank to launch commemorative coin marking Bangabandhus Mar 7 speech.

Printing, Minting & allied Industry

Banknote printer De La Rue looks for growth of security solutions.

Cash Related Information

Maldives banknotes to use Safeguard polymer substrate.

Counterfeit Protection of Banknote

Banker Training Programs and Requirements.

Central Bank Affairs information

Bangladesh Bank to launch

Bangladesh Bank is working to release a commemorative

A preliminary design of the coin has already been

TK 1, TK 2 Note to be pashed out;

The government is set to take out Tk 1 and Tk 2 notes

Central Bank Affairs information

Womans Portrait Will Appear

WASHINGTON Growing numbers of Americans are

and production of them was stopped.Faces on bills

Dr. Atiur Rahman emphasizes

The only criterion under law is that the chosen person

Bangladesh Bank Governor Dr. Atiur Rahman

Central Bank Affairs information

concern for the remittance receiving developing

and probably yet further by now, as indicated by

Central Bank Affairs information

risk-proportionate KYC due diligence and other

Royal Mint reveals new pound

UK before submitting my idea and I honestly cannot

Central Bank Affairs information

Effective cash budgeting relies on managing such

Central Bank Affairs information

affected by the earthquake then Page 2 of 2 he can

humanitarian face, Dr Atiur said. He said low income

Printing, Minting & allied Industry

The experimental initiative involves four protected

ANSA) - Milan, June 10 - A new project by Swiss company Sicpa, launched in

Globally renowned Fontina is made from

Printing, Minting & allied Industry

It has been produced since at least 1763 and is stored

Cabot divests Security Materials

The acquisition is expected to close by the end of fiscal year 2014

Cabot Corporation has entered into an agreement to

We are pleased to have reached an agreement with

expected to close by the end of fiscal year 2014,

Bank note printer De La Rue

Printing, Minting & allied Industry

In September, De La Rue won a 10-year deal worth

Invisible fluorescent ink opens

Representation of a heterorotaxane. Stoddart Group, CC BY-NC-ND

large-denomination bill to a cashier, they usually look

printed from these new inks display colors that

Creating the ink

This new ink has its roots in a serendipitous discovery

On its own, the heterorotaxane glows dark-red under

Printing, Minting & allied Industry

other ingredients, but it would be impossible to match

KBA Leads The Industry With

Very low energy costs to power LED-UV; a