While Bank of England notes are generally accepted throughout the UK, three banks in Scotland and four in Northern Ireland are authorised to issue banknotes.

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Under the high Victorian Gold Standard, the Bank of England was allowed to issue banknotes over and above the actual gold-backing held in its vaults.

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Starting on 31 July, the Malagasy Central Bank will issue new Ariary banknotes in 10, 000, 5, 000, and 2, 000 denominations.

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The bank's president, Jens Weidmann, was left to issue a statement that he regarded the bond purchases as "tantamount to financing governments by printing banknotes".

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