Business News

Giesecke & Devrient halts deliveries to the Reserve Bank of Zimbabwe

Wednesday 02. July 2008 - The Management Board of Giesecke & Devrient GmbH, Munich, today decided to cease delivering banknote paper to the Reserve Bank of Zimbabwe with immediate effect.

The company has taken this step in response to an official request from the German government and calls for international sanctions by the European Union and United Nations.

“Our decision is a reaction to the political tension in Zimbabwe, which is mounting significantly rather than easing as expected, and takes account of the critical evaluation by the international community, German government and general public,” explains Dr. Karsten Ottenberg, Chairman of the Management Board and CEO of Giesecke & Devrient GmbH.

In delivering banknotes and banknote paper, Giesecke & Devrient is subject to strict rules defined by the World Bank. The company continues to rely on the political and moral assessment provided by international trade regulators.