The decision marks a significant break from tradition. Until the mid-1950s, all Nepali currency was printed in Nashik, and India remained Nepal’s primary printing partner for decades. But since CBPMC secured a global tender in 2015, most of Nepal’s notes have been produced in China, largely due to lower costs and advanced anti-counterfeiting features. Nepal reportedly saved nearly $4 million in a single tender in 2016 by choosing China over American firms.
Bangladesh, Sri Lanka and Afghanistan have followed a similar trajectory, outsourcing their note production to Chinese facilities over the past decade. Thailand and Malaysia, too, shifted large parts of their currency printing to China, attracted by cheaper polymer technology and Beijing’s proprietary “ColorDance” security feature.
CBPMC, with more than 18,000 employees and 10 high-security facilities, is now the world’s largest currency printer. Its prices are 30–40% lower than Western competitors and significantly cheaper than India’s Security Printing and Minting Corporation. Industry observers say this cost advantage is reshaping the global market, particularly in developing economies.
The trend also reflects China’s growing economic influence in South Asia under the Belt and Road Initiative, where low-cost services and infrastructure funding have deepened financial dependencies. However, analysts warn that outsourcing currency production carries inherent risks, including political leverage, as seen in Sri Lanka’s 99-year lease of Hambantota port after debt repayment failures.
India, meanwhile, continues to print its currency domestically at Nashik, Dewas and Mysore. The RBI’s annual printing expenditure rose to ₹6,372 crore in 2024–25, partly due to the sheer volume of notes and higher production costs compared to foreign presses.
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