Bank of Namibia officially launches modified N.dollars 10 banknote

Bank of Namibia on Friday launched a modified N.dollars 10 banknote with new security features that includes official signature of Governor and year of print on the backside which will be difficult to counterfeit.

During the launch here on Friday, Bank of Namibia Governor Johannes !Gawaxab, said the modified banknote is not just a procedural task but one that holds a deeper meaning and significance to the country. The amount of money in a nation’s supply is crucial to the health of its economy because if there is not enough currency in circulation, the economy cannot operate seamlessly.

He said the N.dollars 10 banknote denomination is one of the banknotes with the highest circulation velocity in the country.

‘In 2021, the N.dollars 200 banknote was the most circulated with a volume of N.dollars 14.3 million pieces, while the N.dollars 10 banknote is the second most circulated note at a volume of N.dollars 10.2 million pieces. The reasons for this are pretty basic. Every Namibian from all walks of life is able to possess an N.dollars 10 banknote, and it is used daily in domestic transactions, hence it is classified as a transactional note. It is a note that serves both our formal and informal economies and its importance cannot be overemphasised,’ said !Gawaxab.

He added that the Namibia dollar is the “oil that fuels” the Namibian economy, and it is an important symbol of the statehood, identity, and culture as a people. Thus the leaders’ responsibility is to ensure that Namibians have total trust and confidence in the Namibia dollar. Therefore, the Bank of Namibia undertakes to continue discharging the responsibility as a custodian of the currency, now and in the future.

‘This means exercising our monetary policy mandate properly so that our money’s value is not lost and ensuring that the national payment system is resilient while fostering a world-class financial system. This is our preoccupation. As you know, our banknotes and coins are a source of pride as they celebrate the lives of eminent Namibians. The face of the Founding Father, President Sam Nujoma decorates the face of the N.dollars 10 note,’ stated !Gawaxab.

Source: The Namibian Press Agency