Business
Reserve bank picks German Company for Currency processing contract
![](https://www.malawianatimes.com/wp-content/uploads/2021/06/Reserve-bank-of-Malawi.jpg)
By Zakale Botomani
The Reserve Bank of Malawi has awarded a contract for Currency processing to a Germany Company.
According to a press release from the central bank payment services firm Geisecke + Devrient will provide a currency processing system. The contract was worth €4.1 million ($5 million). There is a grace period of 14 days for “interested parties” to object or query the contract. “The Reserve Bank of Malawi (the Bank) would like to engage a firm for the
procurement of currency processing system. Procurement process has now been
completed and the Bank intends to award the contract” read part of the statement
![](https://www.malawianatimes.com/wp-content/uploads/2021/06/Reserve-bank-of-Malawi.jpg)
The contract was authorised by the central bank’s Internal Procurement and Disposal Committee. In March, the central bank was forced to re-tender the supply of ICT equipment after
Founded in 1852 by Hermann Giesecke and Alphonse Devrient, the firm initially specialized in high-quality printing, notably currency and securities printing. In the modern period, G+D has expanded operations to include banknote processing, smart cards, identification systems, and e-payments. The firm is the world’s second largest supplier of banknotes, with annual revenues of $2.45 billion They have over 11,600 employees, and some 50 subsidiaries and joint ventures around the world.