The Bank of Namibia (BoN) states that the recently introduced banknotes and coins draw inspiration from the renewable energy, retail, sales, agriculture, tourism, and diamond industries.
The latest banknotes and coins were introduced by President Netumbo Nandi-Ndaitwah on Wednesday, and will become available for use from next month.
After the announcement, numerous Namibians are questioning the significance of the symbols featured on the new banknotes.
The director of BoN for strategic communications, Kazembire Zemburuka, stated yesterday that the new design was influenced by the key industries that contribute to Namibia's gross domestic product (GDP).
"The N$10 and N$20 are unique. These two denominations are currently printed on a strong special material, and once they are in use, we will inform people across all areas," he stated.
He mentioned that these are the most commonly used notes by residents, particularly for making change.
Zemburuka mentioned that, similar to the big five animals during a safari, BoN adopted an identical strategy when designing the features of the currency series.
Mining was identified as a major contributor to the GDP, consistent with the president's goals to ensure it delivers added value, he stated.
We are following the president's initiative to enhance our raw materials and, consequently, generate employment within the nation. That is the reason it was chosen.
The agricultural industry, which employs the most people but contributes little to GDP, remains significant, Zemburuka stated.
He mentioned that the meat industry remains a significant contributor to the nation's foreign investment, and agriculture is also the sector that supports the largest number of people.
He mentioned that tourism was also chosen because, when visitors come to Namibia, approximately 11,000 jobs are generated, thus significantly contributing to the GDP.
Zemburuka mentioned that the retail industry, which involves vendors operating on the streets and the number of individuals working in this field, emphasizes the opportunities for consumers and job creation.
He mentioned that renewable energy is another area concentrating on green hydrogen, wind, and solar power as part of the initiative to decrease the nation's reliance on energy.
"Our duty as a central bank involves producing and repairing banknotes and coins in the necessary amounts and standards that satisfy the requirements of every Namibian," he stated.
The country's initial coin release occurred in September 1993, with the most recent changes made in 2012, according to Zamburuka.
He mentioned that according to tradition, BoN should revise the currency at minimum once every six years.
He stated that this is because of the technological age, ensuring the currency remains relevant and preventing the creation of counterfeit money, which could cause Namibians to lose trust in the bank and be unable to distinguish genuine notes from fake ones.
Therefore, the bank must preserve the value in the currency.
He also mentioned that the new currency series is printed on a unique material that is strong yet maintains the same level of quality.
He mentioned that if, after 35 years, the currency maintains its value, it would indicate that the BoN is performing well and taking its duties seriously. He further stated that they cannot afford for technology to surpass the bank's capabilities, which could lead to a scenario where the integrity of the nation's currency is at risk.
This enhancement to the security elements of the currency enables Namibians to recognize and use it confidently, he stated.
The money collection was introduced with the slogan 'Our Currency, Our Heritage, Our Pride - Greeting the New Era of the Namibia Dollar'.
MODERNISING CURRENCY
The governor of the Bank of Namibia, Johannes !Gawaxab, mentions that the new set of currency notes is motivated by a courageous goal: to update Namibia's money according to global standards, while strengthening its national identity and significance.
This enhancement strengthens the security, features, and reliability of our currency, ensuring it continues to be a dependable method of transaction while reflecting the country's goals, principles, perseverance, and hopes in an ever-evolving, technology-focused society.
"This implies our currency needs to advance with state-of-the-art security elements to remain ahead of forgers and protect public confidence," he stated.
DURABILITY
In a statement, Nandi-Ndaitwah emphasized the importance of designing banknotes and coins to be long-lasting, easily identifiable, genuine, and secure in order to combat counterfeiting and preserve public trust.
She added that they are created to address the requirements of an evolving financial environment.
She mentioned that, over the years, the bank has become a strong institution that efficiently fulfills its main purpose of maintaining price and financial stability and has played a vital role in promoting macroeconomic stability since it was established.
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