No changes to notes despite counterfeiting

The Bank of Namibia (BoN) has not yet encountered any threat that may necessitate a change in the current banknotes, BoN director of banking services Sam Shivute has said.

Shivute said despite numerous counterfeiting attempts reported in the country, the bank did not intend to make changes to the current banknotes.

“I am confident to say we will not be seeing changes of the banknotes in the very near future but if anything happens, that is a decision the central bank will be prepared to make,” he said.

Shivute assured the nation that the current banknotes were of good quality and no criminal had so far managed to reproduce any of the security features.

He said since the introduction of new banknotes on 15 May 2012, the bank had not detected any counterfeits that were 100% replicas.

More than five cases of counterfeit money have been reported since May 2012, but Shivute said the forgers failed in all cases to successfully replicate the banknotes' security features. They only got the colour right.

“The central bank has however been concerned that there are people who could counterfeit banknotes in such a way that could confuse people,” Shivute said.

He urged people to study the security features well in order to differentiate between genuine and false money.

Shivute said usually the country evaluated the security features on banknotes after seven to eight years and then decided whether to change them or not.

Shivute said technology changed quickly and forgers could develop ways to beat the security features.

NAMPA