New N$30 note now available

18 May 2020 | Banking

Phillepus Uusiku- The new N$30 bank note was issued on Friday by the deputy governor of the Bank of Namibia (BoN), Ebson Uanguta, and it is now officially a lender tender in Namibia which can be used to pay for goods and services.

In some countries, commemorative bank notes and coins cannot be used to pay for goods and services but that is not the case in Namibia as it is also regarded as a legal tender.

Speaking at the day of issuance in Windhoek, the deputy central bank governor pointed out that the printing of the new N$30 notes was a once-off print and will not be printed again.

The printed notes which are already in circulation should be sufficient for every Namibian to access given that we are only a population of 2.5 million and the printed units are more than that.

Durable

All citizens should be able to access the notes provided that some people are not selfish and acquire more of it. It is accessible at all commercial bank’s country wide. However, it cannot be accessed at ATMs just yet, Uanguta says.

The note texture is made from polymer which is regarded as secure and durable. It has very strong security features which is unique and will be very difficult for people to copy or counterfeit, he warned.

All citizens are urged to take care of the note and preserve it for the future generation as it should serve as our national pride and heritage of which every Namibian should be proud of, the central bank deputy governor says boldly.

The note stands for the celebration of Namibia’s 31st independence anniversary which portray all three Namibian presidents, indicating a smooth transition of power characterised by peace and stability, he said.

Cost

When asked how much it costed the central bank to facilitate printing of the new bank notes, he pointed out that the cost was very minimal and it is a small fraction of the actual value of the note.

The cost will be recovered as the notes circulates in the economy because people can use it to pay for goods and services, therefore velocity is expected to decrease as money supply has also increased, he emphasised.

The introduction of the new bank notes implies an expansionary monetary policy because there will be a lot of money circulating in the economy which gives citizens room to hold money to spend on goods and services.

Namibia’s inflation rate is at its lowest since 2005, this implies that the central bank can increase money supply in order to stimulate the economy without necessarily having to consider possibilities of hyperinflation which would eventually reduce the purchasing power of the domestic currency.

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