Nationalbanken to stop printing banknotes

Production will be outsourced as alternative payment methods take over

October 21st, 2014 10:17 am| by admin
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From 2016, the Danish central bank, Nationalbanken, will stop printing banknotes.

Other payment methods have taken over to such an extent that producing notes has become a loss-leader.

READ MORE: Denmark heading towards cash-free future


“The reasons are that notes are used less in transactions, the notes are being circulated better in society, and the quality of the banknotes series is better, so the notes last longer,” the Nationalbanken wrote in a press release.

“This means, all things considered, that note and coin production by the Nationalbanken is neither now or in the future appropriate.

Production will be outsourced
However, the production of banknotes and coins won't cease altogether.

In the future, outside contractors will perform the function. It is expected that the move will save the bank 100 million kroner by 2020.