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Thursday, October 23rd, 2014

Denmark’s central bank to stop producing money

Author:    
Source:     The Local (Denmark)
Publication Date:     21 Oct 2014 09:31 GMT+02:00
Link: Denmark’s central bank to stop producing money
Stephan:   Denmark I think is an example of a culture that has made wellness  a priority. It is creating a more compassionate life-affirming future that we should study closely. Here is an example of what I mean.
The outsourcing of banknote and coin production will result in 100 million kroner in savings, the bank said. Credit: Colourbox

The outsourcing of banknote and coin production will result in 100 million kroner in savings, the bank said. Credit: Colourbox

With more and more people paying with credit cards and their smartphones, Denmark’s central bank Nationalbanken says it no longer pays to print banknotes or mint coins.

By the end of 2016, Nationalbanken plans to outsource all of its printing and minting services to an external supplier.
“Although the amount of cash circulating in Denmark continues to be high, society’s demand for new banknotes and coins has been falling for years, and Nationalbanken has no expectations that the trend will be reversed,” the bank wrote in a press release.
In addition to the rise in alternative paying options, the central bank also said that today’s banknotes and coins are better recirculated into the economy
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