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:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
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 every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
