Bank of Namibia set to update awareness of SA Rand security features
By Adolf Kaure.
Investigation officer at the Bank of Namibia, Ephraim Nembia, alerted the public that the security features for South African currency in the country will be updated soon.
Nembia made these remarks during an economics reporting worship for coastal journalists conducted by the central bank, which concluded recently in Swakopmund.
“Whenever South Africa introduces a new bank note series, public awareness is done,” he said.
Security features are important as it helps to detect counterfeit banknotes and coins. Currently, posters to raise awareness for South African currency security features, have worn out.
According to the bank’s statistics, there were 184 counterfeit notes of South African Rand confiscated in Namibia in 2022. When counterfeit South African notes are discovered a process follows to analyze the notes. This is followed by a police declaration and then a court case starts. The conterfeit currency is then repatriated to South Africa for a final decision.
South African currency is legal currency in Namibia due to being pegged to the Namibia Dollar.
This is benefitial as it increases foreign reserves of the Rand in Namibia and it makes it easier to trade with the neighbouring country as Namibia imports most of its goods from there and the majority of international tourists also pay with it.
Seigniorage is the difference (profit) between the cost of printing and minting currency – notes and coins, and the face value of this currency.
“The economic demands and the demands of the general public determine how much stock is needed of bank notes,” said the bank’s director of banking services, Sencia Kaizemi-Rukata.
The printing of bank notes takes place every three years. This takes place at an undisclosed venue, which is confidential due to security reasons.
Over ten journalists attended the workshop as different staff members from the Bank of Namibia from different departments provided training on various aspects of the central bank’s operations.
The journalist, who will receive certificates of attendance for their presence at the workshop were urged to report factually on financial matters so that the public can be better informed.