April 27, 2012

New banknotes to be issued

Bank of Namibia Governor, Ipumbu Shiimi announced the new series of banknotes gazetted would be issued into circulation on 15 May 2012. It is required by law in terms of section 19 (2) of the Bank of Namibia Act, (Act No.15 of 1997) as amended that the Governor of the Bank of Namibia publishes the characteristics of the new notes in the gazette before issuing.

The new notes were launched by President Pohamba on Independence Day in Mariental. The N$10 and N$20 notes now carry the picture of former President Nujoma. Although it was announced earlier that the new bank notes will only be issued in May, the move was necessary to allow time for the Bank to conduct an information campaign and create the necessary awareness about the security features on the new banknotes. The commercial banks also require time to finalise their logistical arrangements in terms of the adjustments required by their cash systems. If members of the public notice any new notes in circulation before 15 May 2012, the Bank of Namibia requests to be informed of such a breach. (The Namibian)

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