Namibia’s central bank on Monday launched a modified 20-Namibia-dollar banknote in the town of Opuwo, northwest of Windhoek, the capital of Namibia.
The Bank of Namibia forecasts on an annual basis the national currency demand and, as such, ensures the timely replenishment of all currency denominations by its Currency Design and Production Policy, said Johannes Gawaxab, governor of the central bank, in a statement at the launch.
“Our banknotes have state-of-the-art, cutting-edge security features. In line with international industry best practice, banknotes should bear the signature of the sitting Governor as a level one security feature and as a public recognition feature when they are replenished or when a new series is issued,” he said.
Gawaxab also said Namibia remains predominantly a cash-based economy, particularly in the semi-urban and rural setup.
In 2022, the total currency in circulation stood at 4.8 billion Namibia dollars (about 320 million U.S. dollars), equating to 2.5 percent of Namibia’s gross domestic product.
“Equally worth noting is that, over the past few years, the bank has observed a steady growth in the demand for currency. In the immediate post-COVID environment, the bank noted a 2.4 percent increase in the currency in circulation in 2022 compared to 2021,” he added.
Gawaxab will also unveil the modified 200-Namibian-dollar banknote at an event in Windhoek Tuesday.
