The Bank of Namibia (BoN) will be introducing a new currency series in June.
Announced during the commemorative Hage Geingob banknote launch in Windhoek yesterday, the central bank said the new notes are long overdue.
BoN governor Johannes !Gawaxab said the notes and coins that are currently in circulation in Namibia have been so since 2012.
“The industry best practice is that you need to review your currencies, notes and coins every six to eight years. Our current series of banknotes has been circulating since 2012,” !Gawaxab said.
He said this leads to the easy production of counterfeit money.
!Gawaxab said the new series would include both coins and notes.
“From the survey we have done, the conclusion was that people are generally happy with the security features, but we need minor upgrades on them,” he said.
The current currency will continue to be legal tender.
“We will have a new series of banknotes and an entirely new series of coins, but what we’ve got currently will continue to be legal tender,” !Gawaxab said.
According to the BoN governor, some of the coins currently in circulation have not been upgraded for almost 35 years.
He said producing coins costs much more than their value in currency, creating negative synergy.
“This means the metal we use to mint the coin is more costly than the face value of the coin,” !Gawaxab said.
Additionally the BoN launched a new N$60 commemorative banknote in honour of former president Hage Geingob.
The new banknote will circulate alongside existing banknotes and coins, serving both as legal tender and a collectors’ item.
“This banknote symbolises the Bank of Namibia’s commitment to preserving national identity through currency, while honouring key figures and milestones that have shaped the country’s history,” !Gawaxab said.
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