PRESIDENT Netumbo Nandi-Ndaitwah on Wednesday announced the country’s new upgraded banknotes and coins.
The president said the Bank of Namibia must ensure that both banknotes and coins are designed for durability.
Namibia’s banknotes were last updated in 2012 while the coin series has remained unchanged since 1993.
The president stated that change is long overdue as technological advances have progressed, and Namibia must stay on par with the rest of the world.
The upgrade is further aligned in with the 35th independence anniversary of the country.
“It is essential to ensure that banknotes and coins are designed for durability, easily recognisable, authentic, and secure in order to help prevent counterfeiting and maintain confidence,” Nandi-Ndaitwah said.
The notes and coins, she said, are designed to meet the needs of a rapidly changing financial landscape.
Unlike the previous version, the themes that feature on the new coins, the president noted, are to beautifully celebrate Namibia’s vital economic sectors that she said significantly contribute to Namibia’s gross domestic product.
She names the mining, retail, agriculture, manufacturing, and tourism sectors.
These themes, she said, are thoughtfully aligned with the government’s steadfast commitment to fostering sustainable economic growth and development.
“They are deliberate choices to recognise the sectors that underpin our economy and that enhance our competitiveness as a country,” she said.
As Namibia celebrates 35 years of central banking, she urged the central bank to continue serving the country with pride, diligence, and professionalism.
“You are our economic soldiers, steadfast on the frontlines of our nation’s financial defence and guarding over our monetary and financial stability, ensuring that Namibia’s economic sovereignty remains protected.”
