Bank of Namibia unveils modified N$100 banknote in Lüderitz
Bank of Namibia Governor, Johannes !Gawaxab this week introduced the freshly minted N$100 note at an event held in Lüderitz.
This launch signifies Namibia’s commitment to bolstering public trust in its currency while combatting the persistent threat of counterfeiting.
!Gawaxab, in his address during the launch, emphasized the enduring importance of physical currency in an era dominated by digital transactions. He highlighted its pivotal role in fostering trust within the populace and facilitating seamless economic exchanges.
“In the midst of our rapidly digitizing world, there arises the question of the relevance of paper money. However, the unequivocal answer is that it remains vital. In our journey towards a more digital future, we must recognize the enduring significance of physical banknotes,” Gawaxab stated.
The new banknote boasts advanced features meticulously integrated to deter counterfeiters while ensuring effortless usability for all citizens, Gawaxab underscored.
Gawaxab further disclosed that the currency in circulation witnessed a remarkable surge in 2023, soaring from N$4.9 billion in 2022 to N$5.2 billion in 2023, marking a historic 7.6% increase.
“The heightened economic activities in the last quarter of 2023 spurred the demand for circulating cash. Various factors, including interest rates, political stability, economic growth, and inflation, typically influence the cash flow,” he elucidated.
A recent Consumer Payments Choice and Behavior Survey conducted by the central bank in the preceding year revealed that cash remains the preferred payment method among a significant majority, with approximately 84 percent of respondents across all towns endorsing its usage.
“This survey underscores the enduring reliance of our populace on cash for conducting transactions, managing business affairs, and fulfilling social obligations,” !Gawaxab concluded.
