Ireland expected to stop printing banknotes

The Central Bank of Ireland is expected to make a decision about ceasing the printing of euro banknotes in Ireland according to recent reports out of the North Atlantic island.

The Central Bank Commission has conducted a review of the country’s banknote production strategy throughout the past two years and is slated to make a decision soon, explained a recent story published by TheJournal.ie.

“The proposal from management involves sourcing the banknotes from within the Eurozone, and ceasing the printing of banknotes at the Central Bank’s Currency Centre. This proposal is in line with the approach taken in many other national central banks in the Eurozone,” the central bank told TheJournal.ie, adding 45 staff at the print facility in Sandyford, Dublin would be impacted.

IRISH BANKNOTES

In 1943, the former Irish Currency Commission was dissolved and replaced by a new regulatory authority, the Central Bank of Ireland, which was responsible for facilitating Irish paper money until 2001, when the euro was introduced.

Currently, euro banknotes circulate as legal tender in Ireland. The Central Bank of Ireland—as an agency of the European Central Bank—produces euro notes at the aforementioned Currency Centre in Dublin.

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