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Global Banknote Industry Report: 2010 Edition
Koncept Analytics, Aug 2010, Pages: 35
The central banks are responsible for the production and issuance of new banknotes and the destruction of unfit banknotes. The ultimate goal is to ensure public confidence in the currency, such that banknotes continue to be an effective payment mechanism and a secure store of wealth. The monetary policy of every country serves the purpose of designing strategies related to money supply in the economy.
Cash is the preferred method of payment all over the world – over 50% of people prefer to pay with notes and coins. Despite predictions that currency as a means of exchange will become obsolete in an increasingly technological world, cash usage remains strong. Cheques, cards and electronic payment have not substantially reduced people's reliance on cash.
Counterfeiting is a major issue in banknote industry. The number of counterfeit cases is rising at a significant rate. The central banks are responsible for providing genuine banknotes that the public can use with confidence. The vast majority of counterfeits are discovered by the banking system when they are separated from genuine banknotes during the sorting process.
Despite the global economic slowdown which resulted in economic crisis in many regions of the world, the banknote circulation has seen a continuous growth in some of the world's major economies. Also the enhanced security features has resulted in a significant reduction in counterfeit cases in certain regions.
The production of banknotes has been a very secretive and protected system. However, the gradual opening up of the industry and private players contributing to the production system has changed the industry set-up from its secretive stance. The participation of private paper mills is still very small as compared to the state owned mills. De La Rue is the world's largest producer of currencies engaged in the production of more than 150 national currencies. Fortress Papers, Giesecke & Devrient and other players also exist in the market.
The report provides an analysis of the global banknote industry. It discusses major market trends and potential markets for banknote industry. The report also presents the competitive structure of the industry and profiles major players with a discussion of their key business strategies.
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