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Currency Printing Plant to be Set Up in the UAE
ABU DHABI — The Central Bank of the UAE has initiated the process to set up a currency note printing plant, for producing the UAE dirhams and other currencies. The country is currently printing its currencies overseas, a spokesman for the bank told Khaleej Times.
The new currency printing plant will have a capacity larger than the current requirements of the country so that it will be able to meet future domestic demand, as well as to execute the printing orders from other countries in the region, according to a Press statement from the central bank.
The statement said that the new plant will print all denominations of the UAE dirham — 1,000, 500, 200, 100, 50, 20, 10 and 5 notes, using the latest security technologies, printing methods and high-quality paper.
Increasing demand by banks for currency notes and the desire to improve the quality of notes in circulation have stepped up the need of the country to have an own currency printing unit, the statement said.
According to the annual report of the bank the total value of issued currency notes of various denominations reached Dh44.76 billion at the end of 2008, against Dh31.22 billion at the end of 2007, and Dh 26.43 billion at the end of 2006.
The building to house the proposed currency printing plant unit will be constructed on a plot of land granted recently by the Abu Dhabi Municipality, near to the existing central bank buildings complex in the capital emirate.
However, currency printing will commence as soon as the printing assembly lines are fitted within the present buildings complex of the central bank. The plant will be moved to the purpose-built building once it is completed, the statement said.
The central bank has invited some well-known international companies specialising in the field of designing modern currency printing plants, the statement said. The bank has also formed a task force consisting of its well-experienced staff from its banking operations department, to oversee the implementation of the project.
The currency printing plant will have tight security arrangements, with a team controlling in-coming printing materials and another controlling the out-going printed notes. The plant would also adopt high quality control standards, the statement said.
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