THE Bank of Namibia (BoN) says the newly launched banknotes and coins were inspired by the renewable energy, retail, sales, agriculture, tourism and diamond sectors.
The new banknotes and coins were launched by president Netumbo Nandi-Ndaitwah on Wednesday and will be in circulation starting next month.
Following the unveiling, many Namibians are asking what the symbols on the new notes represent.
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BoN director for strategic communications Kazembire Zemburuka yesterday explained that the new design was informed by the major sectors contributing to Namibia's gross domestic product (GDP).
"The N$10 and the N$20 are very special. Those two denominations are now printed on a durable special material and once in circulation we are going to educate people in all regions," he said.
He explained that they are the most used notes by locals, especially for change.
Zemburuka said just like the big fives on a safari adventure, BoN took the same approach in formulating the features on the currency series.
Mining was selected as one of the big contributors to the GDP, in line with the president's ambitions to ensure it brings value addition, he explained.
"We are aligning ourselves to the president's call to add value to our raw materials and, therefore, create jobs in the country. That's why it was selected."
The agriculture sector, being the largest employer but with a low contribution to GDP, is still important, Zemburuka said.
He said the meat sector continues to contribute to the country's foreign investment and agriculture is also the sector which most people survive from.
He said tourism was also selected because when tourists visit Namibia, about 11 000 jobs are created, thereby making it a big contributor to the GDP.
Zemburuka said the retail sector, which speaks to vendors selling alongside the street and the amount of people employed in the sector, highlights the consumers and employment possibilities.
Renewable energy, he said, is another sector which is focusing on green hydrogen, wind and solar energy in the effort to reduce the country's energy dependence.
"Our responsibility as a central bank is to print and to mend the banknotes and coins in the relevant quantities and qualities that is required and meets the needs of all Namibians," he said.
The first issuance of the country's coins was in September 1993 and they were last updated in 2012, Zamburuka said.
He added that as per tradition, BoN ought to update currency at least every six years.
This, he said, is due to the age of technology for the currency to stay relevant and to avoid the production of fake money which will lead to Namibians not trusting the bank and not being able to tell if the authentic form is fake.
Hence, the bank needs to maintain the value in the currency.
He further said the new currency series is featured on a special material that is durable but the quality remains the same.
He said if after 35 years the currency is still holding value, it means BoN is doing a good job and they take the responsibility seriously, adding that they cannot afford technology to be ahead of the bank creating a situation where the integrity of the country's money is compromised.
This upgrade on the security features of the money allows Namibians to identify and transact with it without any fear, he said.
The currency series was launched under the theme 'Our Currency, Our Heritage, Our Pride - Meet the Next Generation of the Namibia Dollar'.
MODERNISING CURRENCY
BoN governor Johannes !Gawaxab states that the new currency series is driven by a bold objective, to modernise Namibia's currency in line with international standards, while reinforcing its national identity and purpose.
"This upgrade reinforces the security, functionality and integrity of our currency, ensuring it remains a trusted means of exchange while embodying the nation's ambitions, values, resilience and aspirations in a rapidly changing, technologically driven world.
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This means our currency must evolve with cutting-edge security features to stay ahead of counterfeiters and safeguard public trust," he said.
DURABILITY
Nandi-Ndaitwah in a statement said it is essential to ensure that banknotes and coins are designed for durability, are easily recognisable, authentic, and secure in order to help prevent counterfeiting and maintain confidence.
She further said they are designed to meet the needs of a rapidly changing financial landscape.
She said over the years, the bank has evolved into a resilient institution that effectively upholds its core mandate of price and financial stability and plays a crucial role in supporting macroeconomic stability since its inception.
