Enjoying ad-free content?
Since July 1, 2024, we have disabled all ads to improve your reading experience.
This commitment costs us $10,000 a month. Your support can help us fill the gap.
Support us
Our journalism is banned in Russia. We need your help to keep providing you with the truth.

Russia's Mint Goes Corporate

Every year Goznak produces 5 billion coins, 7 million banknotes and up to 40 million passports.

Russia's Goznak, one of the world's largest producers of coins, banknotes, postal stamps and awards, will soon be transformed into an open joint-stock corporation, although all shares in the company will remain with the state.

President Vladimir Putin earlier this week ordered the mint to be turned into a joint-stock corporation within 18 months, according to a copy of the order posted Thursday on the state legal portal. However, the ongoing program for the privatization of state-owned companies will not be extended to Goznak, the order said.

It was the Economic Development Ministry who called for changes to the company's structure, RBC Daily reported, citing a copy of a ministry memorandum. As a state unitary enterprise, Goznak "lacked the ability to make decisions quickly, including approving major deals and receiving loans and bank bonds, which are necessary for modernizing technical equipment and performing scientific research and development," the memo said.

Founded in 1818 by order of Tsar Alexander I, Goznak has produced Russia's state awards and currencies throughout the tsarist, Soviet and modern eras. Every year the company produces 5 billion coins, 7 million banknotes and up to 40 million passports, according to its website. In addition to Russia, Goznak has produced coins and banknotes for countries across Latin America, Southeast Asia, Europe and Africa, as well as for the former Soviet republics.

See also:

Central Bank Cuts Size of Interventions to Defend Ruble

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more