UANI Applauds KBA for Ending Currency Printing Business in Iran

October 17, 2012
Contact: Nathan Carleton, [email protected]
Phone: (212) 554-3296

UANI Applauds KBA for Ending Currency Printing Business in Iran
UANI's Iran Rial Campaign Leads to Leading German Security Bank Note Printing Press Manufacturer Ending Business in Iran

New York, NY - On Wednesday, United Against Nuclear Iran (UANI) applauded Germany's Koenig & Bauer Aktiengesellschaft (KBA) for ending its currency printing business in Iran.

KBA is the world's second-largest security bank note printing press manufacturer, and had sold printing presses to numerous Iranian entities. Last week, UANI launched its Rial Currency Printing Campaign, and announced the results of an investigation into KBA and other multinational companies that help Iran produce its currency, the rial.

In recent discussions with UANI, KBA stated that it has "discontinued to supply banknote printing presses as well as related goods and services to clients located in Iran, including to SPMO [Iran's Security Printing and Minting Organization] and the Central Bank of Iran."

KBA also informed UANI that the SPMO recently "requested [KBA] make offers for banknote machines." KBA said, however, that it has "finally decided to discontinue such sales to SPMO." KBA added that Iran's Bank Meli recently "requested us to submit an offer for a banknote machine," but "we refused to respond."

Said UANI CEO, Ambassador Mark D. Wallace:

We applaud KBA for ending its currency printing business in Iran. KBA's decision makes it more difficult for the Iranian regime to combat the crash of the rial. We call on other companies to immediately stop assisting the regime and its Central Bank in printing and maintaining the rial's integrity. Such assistance undercuts the global effort to isolate and sanction Iran for its defiance of international law and its pursuit of an illicit nuclear weapon.

The regime is now dealing with severe inflation, and in cases where hyperinflation has caused a currency to fall precipitously, a regime like Iran's must maintain the ability to manipulate its money supply and the integrity of its currency. Without sophisticated security and printing technology Iran may not be able to do either. This will hasten the demise of the rial, and possibly force the regime to choose between a nuclear weapon and a functioning economy.

Click here to read UANI's full letter to KBA.
Click here to view UANI's Iran Rial Currency Printing Campaign website.
Click here to view UANI's Iran Currency Tracker.