The world's largest banknote printer says printing money isn't that profitable anymore
With demand plunging to a two-decade low, printing money isn't as lucrative as it used to be.
"The demand for banknotes has been at the lowest levels for over 20 years, resulting in a low order book going into FY24," the 210-year-old company said in ato the London Stock Exchange. De La Rue prints banknotes and supplies raw materials for physical cash across 140 countries, including the UK, Thailand, and Qatar.
"The challenge at the moment is that there simply isn't quite the demand there to be where we want to be, which is disappointing," Clive Vacher, the CEO of De La Rue, toldCentral banks snapped up banknotes during the pandemic, but they are now working through the stockpile before acquiring new stocks, De La Rue said in Demand for banknotes has also been depressed due to government finances being squeezed by inflation, the cost-of-living crisis, and access to foreign exchange in...
De La Rue said Wednesday it is discussing with banks about amending lending terms that will take into account the company's revised outlook and higher interest rates.
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