Danmarks Nationalbank Adapts To Low Demand For Notes/Coins

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Author	Replies: 3 / Views: 1,284
bobby131313 Forum Dad United States 24161 Posts	Posted 10/23/2014 8:42 pm The following is a Danmarks Nationalbank Press Release. Danmarks Nationalbank has decided to initiate a process to discontinue internal printing of banknotes and minting of coins during 2016. Although the volume of cash in circulation remains high in Denmark, demand for new banknotes and coins has been falling for some years, and Danmarks Nationalbank does not expect the trend to reverse. Underlying factors include declining use of banknotes for transactions, better recirculation of banknotes and an improved banknote quality so that banknotes have a longer life. All in all, this means that production of banknotes and coins at Danmarks Nationalbank is not economical and will not be economical in the future. Consequently, Danmarks Nationalbank has decided to initiate a process to discontinue internal printing of banknotes and minting of coins during 2016. Like a number of other central banks, Danmarks Nationalbank will outsource these functions to external service providers. This decision is expected to yield total savings of kr. 100 million until 2020. Danmarks Nationalbank will still be the Danish banknote and coin issuing authority and will retain its expertise within banknotes and coins. Only the actual production of banknotes and coins will be transferred from an internal department to external service providers. Shop CCF Members on eBay. Report this Post to the Staff

Enlil Pillar of the Community Australia 560 Posts	Posted 10/28/2014 7:26 pm Wonder if the GFC had anything to do with it. Report this Post to the Staff
chrisild Pillar of the Community Germany 1238 Posts	Posted 10/29/2014 04:09 am Nah, probably not. ;) But I don't think that the GloFinCri has anything to do with it either. Denmark is just (1) a relatively small country where (2) cash is not used that much any more. Now if you combine 1 and 2, you'll realize that there is not a lot of demand for newly made coins and notes. Christian Report this Post to the Staff
redlock Pillar of the Community Germany 992 Posts	Posted 10/29/2014 04:58 am Furthermore, the labour costs (at the Danish Mint) are probably pretty high. It'll be interesting to see which mints in Europe will be getting the orders for making the Danish coins and notes Report this Post to the Staff
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