PH central bank, German banknote printer ink MOU for payments and currency mgmt

They will research digital payments and banknote substrate.

The Bangko Sentral ng Pilipinas (BSP) and Bundesdruckerei GmbH, the banknotes printer of Germany, have signed a memorandum of understanding (MOU) on payments and currency management on 10 October at the BSP head office in Manila.

The 5-year MOU will see BSP and Bundesdruckerei GmbH work together on currency management and production, securities management, digital payments infrastructure, as well as research and development on digital payments and banknote substrate.

The two entities will also work together on technology exchange; staff exchange and training; information-sharing on legal aspects relevant to payments and currency management.

They will also explore other areas to provide support, assistance, sharing of best practices and expertise and capacity-building or technical assistance to each other.

BSP Governor Eli M. Remolona, Jr. signed the MOU with Bundesdruckerei GmbH Chief Financial Officer Christian Helfrich.

Remolona noted that there is a need for banknotes for a long time to come even as the BSP works to shift more and more payments to electronic form.

“BSP is proud to partner with Bundesdruckerei, a leader in providing modern currencies to the world, at a time when banknotes should be more secure, more durable, and even more sustainable,” Remolona said during the MOU signing.