Modified bank notes launched by central bank
The central bank launched a modified 20-Namibia dollar banknote on Monday in Opuwo, while the unveiling of the modified 200-Namibia dollar banknote is expected to take place on Tuesday.
The Bank of Namibia forecasts on an annual basis the national currency demand and, as such, ensures the timely replenishment of all currency denominations by its Currency Design and Production Policy central bank Governor, Johannes !Gawaxab said in a statement at the launch.
“Our banknotes have state-of-the-art, cutting-edge security features. In line with international industry best practice, banknotes should bear the signature of the sitting Governor as a level one security feature and as a public recognition feature when they are replenished or when a new series is issued,” he said.
!Gawaxab meanwhile said Namibia remains predominantly a cash-based economy, particularly in the semi-urban and rural set-up.
In 2022, the total currency in circulation stood at N$4.8 billion, equating to 2.5% of the total Gross Domestic Product.
“Equally worth noting is that, over the past few years, the bank has observed a steady growth in the demand for currency. In the immediate post-Covid environment, the bank noted a 2.4% increase in the currency in circulation in 2022 compared to 2021,” he added.
