| 1998. Denomination, Introduction of Current Banknotes and Coins into Circulation |
The necessity of complete re-equipment of the printing factories of Goznak became evident in the second half of the 1980ies by the time the Soviet state system entered the period of deep transformations that resulted, on the one hand, in galloping inflation that considerably increased the load on the factories of Goznak, and, on the other hand, in deterioration of the economic system, the appearance of commercial businesses and banks, that in its turn raised the need in various financial and banking documents and required new types of security printing products. Thus, Goznak had to solve the challenges of increasing volumes of production, and at the same time expanding the range of products and retaining their high quality. It was impossible to achieve that aim with the old equipment.
The first decisions on the large-scale purchasing the new equipment for Goznak were taken in 1989. However, the required funds were not allocated and Goznak could only procure some of the required new equipment. First of all it purchased new papermaking machines and printing equipment since the soaring inflation required considerable increase ofbanknote production. The real re-equipment started only in 1990-1991. It should be noted that the procurement of the new equipment for Goznak was, probably, the most consistent state investment program of the first half of the 1990ies. Neither political events of those years, nor disintegration of the Soviet Union with the immediate break of the former economic system could greatly affect that program. The funds were allocated in required amount and in time since it were Goznak products that had to serve new economic relations mostly.
During the period of 1990-1995 over 300 million USD were totally spent on Goznak upgrading. It purchased the best printing and papermaking equipment made worldwide. Comprehensive upgrading has turned Goznak into one of the most modern businesses in this area worldwide. Today the Association can perform the whole cycle of security printing at the highest international standard level, manufacture various coins, medals and the products of general printing. Since 1990ies, Goznak has been manufacturing plastic cards.
Currently, Goznak Association besides executing state orders , fulfills private orders from Russia and abroad, and also from foreign governments.In particular, the enterprises of Goznak manufacture banknote paper for Indonesia, Egypt and some other countries. Being an independent commercial association Goznak has been successfully integrating into a modern market economy competing on the market as equal with the leading world manufacturers. Besides space industry and some enterprises of the defence industry, it is probably one of few examples of manufacturing facilities in Russia keeping up with westernstandards.
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