The Central Bank of the UAE announced today that it has started laying down the bases for constructing a purpose-built building to house its Currency Printing Plant, to print UAE Dirhams and other currencies.
The Central Bank had invited some well-known International Companies specializing in the field of designing modern Currency Printing Plants. This building will be constructed on a plot of land granted recently by Abu Dhabi Municipality and located next to Central Bank Buildings complex in the City of Abu Dhabi.
The Central Bank, also formed a taskforce consisting of its well-experienced staff from its Banking Operations Department, to oversee the implementation of the project.
The UAE’s requirements for printing currency notes have increased in recent years, due to: 1) Increasing demand by banks for currency notes, and 2) The desire to improve the quality of currency notes in circulation.
The said Currency Note Printing Plant will print all the UAE Dirham denominations; of 1,000, 500, 200, 100, 50, 20, 10 and 5 notes, using the latest security technologies and printing methods using high quality printing papers.
The Currency Printing Plant will have a capacity larger than the current requirements, for the purpose of having room for future expansion and to take care of printing orders from countries in the region.
The Currency Printing Plant will have tight security arrangements, with a team that will be charged with controlling in-coming printing materials and another team controlling the out-going printed notes, also quality control would be maintained at high standards.
Currency printing will commence as soon as the printing assembly lines are fitted within the present buildings complex of Central Bank, and will be moved to the purpose-built building once it is completed.
