Central bank launches modified N$50 banknote

Ogone Tlhage
  • 11 Hours Ago
The Bank of Namibia (BoN) has introduced a newly modified N$50 banknote, completing the rollout of updated banknotes bearing Governor Johannes !Gawaxab’s signature across all denominations.

The issuance of currency is a sovereign act, enshrined in Article 128(1) of the Namibian Constitution and further articulated in Section 38(1) of the Bank of Namibia Act, !Gawaxab said of the need to launch the modified banknote.

“These legal provisions are the legal scaffolding upon which the stability of our economy rests. However, our mandate goes beyond mere issuance. It encompasses the safeguarding of value, the deterrence of counterfeiting and the maintenance of public trust,” he said.

According to !Gawaxab, on the issuance front, the central bank continued to observe an increase in currency circulation in the post-Covid-19 period.

“In 2024, the Namibian economy saw a 6.9% increase in currency circulation, rising from N$5.2 billion in 2023 to N$5.6 billion. This growth is indicative not only of economic expansion but of the confidence that Namibians place in their currency as a store of value,” !Gawaxab said.

Deterring counterfeiting

The modification also aimed to counter instances where the unscrupulous characters would attempt to create fake banknotes.

“In terms of safeguarding our currency from counterfeiting, it is equally significant to note a 10.7% decline in counterfeit banknotes during the same period. This development calls attention to the efficacy of our security measures. Counterfeit deterrence is a matter of public trust and institutional credibility,” !Gawaxab said.

“When citizens know that the currency they hold is secure, they transact with confidence, and that confidence is the bedrock of economic activity. Therefore, the issuance of secure, high-quality currency is a strategic imperative,” he added.

According to !Gawaxab, the remodification was also concluded with the issuance of the new N$50 banknote.

“Over the past three years, the Bank of Namibia has systematically upgraded four key denominations: the N$10, N$20, N$100, and N$200 notes. Today, we complete this cycle with the unveiling of the modified N$50 banknote, which is a proactive response to evolving market demands. Our forthcoming comprehensive review of the national currency, scheduled to be launched in three months,” he said.