Fidelity Printers and Refiners

Fidelity Printers and Refiners (FPR) is a Zimbabwean state-owned industrial company wholly owned by the Reserve Bank of Zimbabwe. Its principal activities are high-security printing, gold refining and coin minting. The company operates a printing and refining complex in the Msasa Industrial Area of Harare and a coin-minting facility in Bulawayo. Its historical role has been closely connected with the production of Zimbabwean currency and other documents requiring specialized security features. The roots of FPR lie in the political and economic circumstances surrounding Rhodesia’s unilateral declaration of independence in 1966. After the British government instructed Bradbury Wilkinson and Company to stop printing currency for the Reserve Bank of Rhodesia, the Rhodesian authorities arranged for printing machinery and technical support from Giesecke & Devrient and Organisation Giori. The equipment was brought into Rhodesia through confidential arrangements and installed in the basement of the old Reserve Bank building in Salisbury, now Harare. The operation initially functioned with a high degree of secrecy because of international sanctions and the political status of Rhodesia. The printing operation was incorporated as a separate company in December 1978, when the central bank sought to commercialize its printing activities. A purpose-built facility was constructed in Msasa Industrial Area using a design influenced by European banknote-printing plants. The complex was completed at the end of 1981 and formally opened on 11 February 1982 by Prime Minister Robert Mugabe. Over time, FPR developed capabilities beyond ordinary currency production, including passports, visa labels, cheques, examination papers, certificates, ballot papers, tickets, cards, passbooks and other government or commercial security documents. The company expanded into gold processing and refining after a Reserve Bank decision in 1987. Its name was subsequently changed from Fidelity Printers to Fidelity Printers and Refinery, and later usage commonly rendered the final word as “Refiners.” The refinery was initially designed for substantial annual gold throughput and produced high-purity gold, including internationally standardized 400-troy-ounce bars and fine gold for the domestic jewellery sector. Gold sourced from outside Zimbabwe could also be refined for return to customers or sale through international markets. FPR received London Bullion Market Association accreditation in October 1989, although its later membership was affected by falling Zimbabwean gold production and the economic crisis. During Zimbabwe’s hyperinflationary period, FPR printed successive high-denomination Zimbabwe dollar notes for the Reserve Bank. The most famous example was the Z$100 trillion banknote issued in 2008, a denomination associated with one of the most severe episodes of hyperinflation recorded in modern history. As demand for cash surged, FPR used external technical and production support to supplement its output. The currency ultimately lost practical utility as confidence collapsed and Zimbabwe moved toward the use of foreign currencies; Zimbabwe dollar banknote production was suspended after demonetization in 2009. FPR also became exposed to international political controversy. In 2008, German banknote supplier Giesecke & Devrient and related suppliers suspended paper, software, technical or ink support amid criticism that Zimbabwean currency production supported the government during a violent and disputed election period. The disruption forced FPR and the Reserve Bank to investigate alternative sources of paper, inks and technical assistance. The episode demonstrated the company’s dependence on specialized international suppliers while also highlighting the strategic importance of maintaining domestic security-printing capacity. Today, FPR’s brand identity is primarily institutional rather than consumer-facing. It represents Zimbabwe’s sovereign infrastructure for secure document production, precious-metal processing and minting. Its customers and stakeholders include the Reserve Bank, public authorities, financial institutions, businesses, miners and jewellery manufacturers. Publicly available reference material provides limited information about its current leadership, financial performance, website or recent commercial activity.

Fidelity Printers and Refiners developed from a covert Rhodesian banknote-printing operation created after the United Kingdom restricted the supply of currency-printing services to Rhodesia following the 1966 unilateral declaration of independence. The Reserve Bank of Rhodesia turned to Giesecke & Devrient and Organisation Giori for equipment and technical assistance. Printing machinery was moved through a South African intermediary and installed in the basement of the old Reserve Bank building in Salisbury, now Harare. The operation printed banknotes and other sensitive government documents under secretive conditions. In December 1978, the central bank incorporated the printing operation as Fidelity Printers as part of an effort to commercialize its activities. The company subsequently moved from the old Reserve Bank building to a purpose-built complex at 1 George Drive in the Msasa Industrial Area. Designed with German assistance and modeled on European banknote plants, the facility was built between April 1980 and the end of 1981. It was officially opened on 11 February 1982 by Robert Mugabe, then Zimbabwe’s prime minister. FPR progressively broadened its security-printing portfolio. In addition to currency, it produced passports, visa labels, bank cheques, passbooks, examination papers, birth certificates, government bonds, share certificates, ballot papers, tickets, coupons and other documents in which anti-counterfeiting controls were important. Its production systems included intaglio, numbering, offset and digital equipment, as well as specialized systems for passports, cards and personalization. The company served domestic institutions and, where contracts permitted, regional or international customers. A major diversification occurred in 1987, when the Reserve Bank authorized the addition of gold processing and refining. Fidelity Printers was renamed Fidelity Printers and Refinery, and is now generally known as Fidelity Printers and Refiners. The refinery was designed for high-purity output and produced 400-troy-ounce bars to international specifications, along with fine gold for Zimbabwe’s jewellery industry. Gold from other countries could also be processed for customers or sold internationally. The company obtained LBMA accreditation in October 1989. The Reserve Bank later established a coin-minting plant in Bulawayo. The local mint was associated with the goal of reducing foreign-exchange costs and was placed under FPR’s custody around 2001. This expanded the company’s role from printing and refining into domestic coin production. The most dramatic period in FPR’s history came during Zimbabwe’s economic crisis and hyperinflation. The company printed repeated series of increasingly high-denomination Zimbabwe dollar notes at the direction of the Reserve Bank. In 2008 it produced the Z$100 trillion note, while demand for cash became so intense that additional production was arranged with Giesecke & Devrient. The currency was increasingly rejected by the public, who turned to the United States dollar, South African rand and other alternatives. Zimbabwe later demonetized the currency and suspended its production. International sanctions and political pressure created a second major crisis in 2008. German authorities and public opinion criticized the supply of materials and services used to print Zimbabwean currency, arguing that the money helped fund state institutions and political networks accused of intimidating opponents during the 2008 election. Giesecke & Devrient suspended banknote-paper, technical and printing support. Jura JSP withdrew software support, and SICPA also faced pressure concerning its security inks. FPR and the Reserve Bank explored suppliers in several countries, while local paper producers investigated emergency alternatives. The company’s vulnerability to interruptions in specialized inputs became clear, although Zimbabwe’s subsequent currency changes reduced the immediate need for domestic Zimbabwe-dollar production. FPR’s refining business also suffered during the crisis. Zimbabwean gold production declined sharply, and the company’s position as the country’s sole authorized gold buyer and exporter became controversial. Critics argued that delayed payments and uncompetitive prices discouraged miners, while supporters defended centralized purchasing as a normal state function. On 30 June 2008, FPR was expelled from the LBMA after failing to meet its minimum production requirement. The Reserve Bank consequently allowed Zimbabwean producers to sell gold directly to international buyers. FPR remains a strategically important state-owned institution, but public reference material offers limited detail on its current management, financial results and post-crisis commercial operations.

• 2009

  Zimbabwe dollar production suspended

  [1]Fidelity Printers and Refinersen.wikipedia.org

  Following demonetization and the adoption of foreign currencies, production of Zimbabwe dollar banknotes was suspended.

• 2008

  100-trillion-dollar note printed

  [1]Fidelity Printers and Refinersen.wikipedia.org

  FPR printed Zimbabwe’s highest-denomination banknote during the country’s hyperinflation crisis.

• 2008

  International supplier support withdrawn

  [1]Fidelity Printers and Refinersen.wikipedia.org

  German and European suppliers suspended or reconsidered materials, software, inks and technical support because of political controversy surrounding Zimbabwe’s currency production.

• 2008

  LBMA membership lost

  [1]Fidelity Printers and Refinersen.wikipedia.org

  FPR was expelled from the LBMA after gold output fell below the required annual threshold.

• 2001

  Bulawayo mint placed under FPR custody

  [1]Fidelity Printers and Refinersen.wikipedia.org

  The Reserve Bank established a local coin-minting facility in Bulawayo and placed it under Fidelity’s custody.

• 1989

  LBMA accreditation obtained

  [1]Fidelity Printers and Refinersen.wikipedia.org

  The refinery obtained London Bullion Market Association accreditation in October.

• 1987

  Gold refining added

  [1]Fidelity Printers and Refinersen.wikipedia.org

  The company expanded into gold processing and refining and changed its name accordingly.

• 1982

  Msasa printing complex opened

  [1]Fidelity Printers and Refinersen.wikipedia.org

  The purpose-built security-printing plant in Harare was opened on 11 February.

• 1978

  Fidelity Printers incorporated

  [1]Fidelity Printers and Refinersen.wikipedia.org

  The Reserve Bank incorporated and commercialized its printing operation as Fidelity Printers in December.

• 1966

  Security-printing operation established

  [1]Fidelity Printers and Refinersen.wikipedia.org

  After sanctions disrupted external currency-printing arrangements for Rhodesia, banknote-printing equipment and technical support were brought into the country through confidential arrangements.

A sovereign, specialist security-printing and precious-metals enterprise serving Zimbabwe’s central bank, government institutions, financial sector and mining economy.

• Security printing · 1966

  Banknotes

  FPR has historically printed Zimbabwean banknotes and other currency-related instruments for the Reserve Bank. Its equipment and processes include intaglio printing, offset or background printing, serial numbering and security-feature production. During the hyperinflation crisis, the company printed successive high-denomination Zimbabwe dollar series, including the Z$100 trillion note issued in 2008.

• Identity and travel documents

  Passports and visa labels

  The company produces or has produced secure travel and identity documents, including passports and visa labels. These products require controlled personalization, document security features and specialized production systems rather than conventional commercial printing.

• Security printing

  Government and financial security documents

  FPR’s documented portfolio includes bank cheques, passbooks, birth certificates, government bond certificates, share certificates, ballot papers and examination question papers. Such documents are produced for public authorities, financial institutions and other organizations that require anti-counterfeiting controls.

• Precious-metals refining · 1987

  Gold bullion

  The refinery processes gold into high-purity metal, including 400-troy-ounce bars made to international standards. It has also produced fine gold for Zimbabwe’s jewellery industry and historically handled gold from domestic and foreign customers.

• Minting · 2001

  Coins

  FPR has custody of a coin-minting facility in Bulawayo established by the Reserve Bank. The minting operation was intended to reduce reliance on overseas production and associated foreign-exchange costs.

• Commercial printing

  Commercial and personalized print products

  The company’s broader printing capabilities include rechargeable calling cards, continuous forms, tickets, coupons, secure airline tickets, corporate annual reports and related products. Card-personalization and digital systems complement its high-security printing lines.

• 2008

  Political controversy over Zimbabwean banknote production

  International governments and observers criticized the continued supply of banknote materials and technical services to FPR, arguing that currency production supported the Zimbabwean government and security structures during a disputed and violent election period. Several European suppliers subsequently suspended support.

  Source

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• 2008

  Print the 100-trillion-dollar banknoteProduct launch

  Background

  Hyperinflation caused the purchasing power of the Zimbabwe dollar to collapse and created demand for ever larger denominations.

  Action taken

  FPR printed a Z$100 trillion banknote for the Reserve Bank.

  Aftermath

  The note became a symbol of the hyperinflation crisis, while the public increasingly used foreign currencies and the Zimbabwe dollar was later demonetized.

  Source

• 2008

  Seek alternative suppliers during sanctionsStrategy

  Background

  International suppliers withdrew banknote paper, software, inks and technical support amid political pressure over Zimbabwe’s election crisis.

  Action taken

  FPR and the Reserve Bank investigated alternative suppliers in Argentina, Indonesia, Russia, China and elsewhere, while local paper-production alternatives were explored.

  Aftermath

  The effort exposed the operational risks created by dependence on specialized foreign inputs; subsequent currency demonetization reduced the need for continued Zimbabwe-dollar production.

  Source

• 2001

  Develop domestic coin-minting capacityStrategy

  Background

  The Reserve Bank sought to save foreign exchange and reduce reliance on imported coin production.

  Action taken

  A coin mint was established in Bulawayo and placed under FPR’s custody.

  Aftermath

  FPR became responsible for coin-minting operations in addition to printing and refining.

  Source

• 1987

  Enter gold refiningStrategy

  Background

  The Reserve Bank sought to broaden FPR’s contribution to national economic activity beyond security printing.

  Action taken

  FPR added gold processing and refining and adopted a name reflecting the expanded business.

  Aftermath

  The refinery obtained LBMA accreditation in 1989 and produced bullion and fine gold for domestic and international uses.

  Source

1. 1Fidelity Printers and Refinersen.wikipedia.org