Banknotes of the World – №6/2017

HIGH SECURITY PRINTING IN BAKU

The 14th High Security Printing EMEA, held March 2017 in Baku, Azerbaijan, brought together over 250 delegates from more than 40 countries. This forum was rather different from previous ones, as this time Reconnaissance International, UK-based organizer, decided not to limit the conference’s line-up to delegates from Europe, Russia and CIS-countries, as happened before, but to give a floor to high-profile delegations from the Middle East and Africa. Being media-partner of Reconnaissance, the Publishing House INTERCR-IMPRESS attended as well the three-day conference that has proven to be a flagship event for the banking industry and security printing suppliers.

CASH CIRCULATION TRENDS IN EUROPE AND WORLDWIDE

The Europe Cash Cycle Seminar (ICCOS), held last March 2017 in Budapest, turned out to be one of the most informative and useful events for specialists working in the currency industry. CCS seminars, previously labelled the International Commercial Cash Operations Seminars (ICCOS), are the major international forums on cash management and commercial cash operations, organized by the consulting company Currency Research (USA) in North and Latin America, Europe, Asia, Africa and the Middle East for over 22 years. How did the conference go in Budapest and what are the modern trends in cash circulation in Europe and worldwide?

MOSCOW MINT CELEBRATES THE 75TH ANNIVERSARY

On April 25, 2017 the Moscow Mint of Goznak celebrated its 75th anniversary. In 1942, the Leningrad Mint evacuated to Krasnokamsk at the beginning of the Great Patriotic war, executed the orders for the production of military awards, orders and medals, with difficulty. Therefore, the Council of People’s Commissars of the USSR issued a special decree to found the military awards production site in Moscow. The new coin and order production site received production space within the territory of the Moscow Printing Factory of Goznak. The Moscow Mint started to acquire its own tool shop and the whole production at once. The Mint in Krasnokamsk developed the technologies, prepared the tools and handed them to their colleagues in Moscow.

ISLAMIC BANKING: TO BE OR NOT TO BE?

There is virtually no Islamic banking in Russia. Experts say that today only seven companies operate their own Islamic banks in Russia: «LaRiba-Finance», Islamic Investment Center «Mudarib», Financial House «Amal», «Masraf», «Saada», Tatarstan International Investment Company and the microcredit company «Amana». The financial turnover of these companies is about 1.5 billion rubles, according to some estimates, which can be considered very approximate. That means these figures are insignificant compared with the overall statistics of traditional credit institutions. The conclusion is to be made that the only way to keep their money safe for those people in Russia who, by virtue of their religious beliefs, strictly adhere to sharia law, is to save them in cash hidden under a mattress or in some secluded place. The volume of such cash amounts, for understandable reasons, is unknown, but it is obvious that they seem to be withdrawn from the existing monetary and credit system.

FAKE YEN

One of the international credit institutions has reported that this type of counterfeit notes is distributed in a large amount through the banks of Western Europe by converting and placing to a bank account. These counterfeits are likely to appear in Russia. Serial number: PS079889N; detection date: 21 March 2017.

LOCAL COMMODITY MONEY

We have already talked about salt and cowries that were used worldwide as commodity money. In comparison with universal money, local «currencies» reflected the values of indigenous people and were used to carry out payment transactions on limited territories. Parmesan cheese, for example, served in Italy as a local monetary unit, dried fish – in Island, briquettes of Melaleuca impregnated with a bull’s blood – in Mongolia, nails – in Scotland. Father of the first economic theory Adam Smith wrote that Scottish village dwellers had nothing to spend their «ordinary» money for, as everything is of use to a housekeeper. Therefore, nails functioned as commodity money in Scotland till the 18th century.