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No coins or banknotes will be phased out

Fri, 18 August 2017 19:18
by Rodney Pienaar
News Flash

The Bank of Namibia this week told The Villager that it does not have any plans to phase out any coins or banknotes, after informal discussions to phase out the 5 cents which costly in production.

 The bank confirmed that it would not push the 5 cents out of circulation, a move which requires extensive consultations with industries and stakeholders.

 All industries that will be affected once there is a need to phase out coins or banknotes will be informed in time the Deputy Director of Corporate Communications at Bank of Namibia (BoN) Kazembire Zemburuka told The Villager. “Kindly be advised that the Bank of Namibia has no intention to discontinue the issuance of the current coins and notes in circulation, which includes the N$ 0.05c coin.

“However, the 5 cent is both functional and convenient for some commercial transactions. The Bank will thus not stop its issuance now or in the foreseeable future,” he said.

 He further added that the 5 cent coin had been proven to be one of the most popular among the coin series and this is confirmed by the increase in the volume of coins in circulation over the past few years.  The Villager understands that the 5 cent coin is the most expensive to print there were 226.2 million pieces of the 5-cent in circulation as of 2016.

The Villager recently reported that BoN had destroyed N$12 billion worth of banknotes in the five years due to cleanliness, unfitness and the manner in which notes are torn. However, one of the bank’s policies is to ensure that only clean bank notes fit for circulation are in the public domain at any given point.