Bank of Namibia Issues N$270m in Commemorative Notes [Namibian] The Bank of Namibia (BoN) has disclosed that it has printed commemorative banknotes valued at N$270 million in honour of the country's past presidents, including late president Hage Geingob.

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Central bank issues N$270m in commemorative notes The Bank of Namibia (BoN) says it has printed commemorative banknotes valued at N$270 million in honour of the country’s past presidents, including former president Hage Geingob. This includes five million N$30 notes introduced in 2020 to celebrate 30 years of independence and Namibia’s presidential leadership since 1990, as well as two million N$60 notes released this year to celebrate Geingob’s life and legacy. BoN spokesperson Kazembire Zemburuka says 677 000 of the N$60 banknotes, representing 33.9% of the total number printed, have been in circulation since March. “A total of 6 853 pieces have been procured globally as collectors’ items, which equates to 0.3%. It is worth noting that the N$60 has only been in circulation for a month,” he says. In comparison, 32 735 of the N$30 note, or 0.7% of the total issued, have been acquired globally by collectors. Zemburuka attributes the limited domestic uptake of the commemorative notes to Namibia’s small financial market. “Namibia does not have a large collector footprint, with most collectors being from South Africa and the international market. Namibians obtain the banknote at commercial banking halls, hence making it challenging to track local collectors,” he says. The central bank says very few of the N$30 notes have been returned due to damage, attributing this to the durability of the material used. “The N$30 banknote is made of polymer, which has a longer lifespan compared to cotton banknotes and is more resistant to wear and tear. This is evident in the statistics, since to date only 1.2% (60 000 pieces) have been received back by the bank as damaged banknotes,” Zemburuka says. No reprints are planned for either of the commemorative denominations. “Commemorative banknotes are usually issued in limited quantities to celebrate a significant event, person or milestone and are therefore mostly printed as a once-off print,” Zemburuka says. The post Central bank issues N$270m in commemorative notes appeared first on The Namibian.

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Bank of Namibia issues N$270m in commemorative notes - The Namibian - Bank of Namibia issues N$270m in commemorative notes  The Namibian -

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Bank of Namibia issues N$270m in commemorative notes The Bank of Namibia (BoN) has disclosed that it has printed commemorative banknotes valued at N$270 million in honour of the country’s past presidents, including late president Hage Geingob. This includes five million N$30 notes introduced in 2020 to commemorate 30 years of independence and Namibia’s presidential leadership since 1990, as well as two million N$60 notes released this year to celebrate the life and legacy of president Geingob. According to BoN spokesperson Kazembire Zemburuka, 677 000 of the N$60 banknotes, representing 33.9% of the total printed, have been issued into circulation since March. “Six thousand, eight hundred and fifty-three pieces have been procured globally as collector’s items which equates to 0.3%. It is worth noting that the N$60 has only been in circulation for a month,” Zemburuka said. In comparison, 32 735 pieces of the N$30 note or 0.7% of the total issued, have been acquired globally by collectors. Zemburuka attributed the limited domestic uptake of the commemorative notes to Namibia’s small numismatic market. “Namibia does not have a large collector footprint, with most collectors being from South Africa and the international market. Namibians obtain the banknote at commercial banking halls, hence making it challenging to track local collectors,” he said. The central bank also noted that very few of the N$30 notes have been returned due to damage, attributing this to the durability of the material used. “The N$30 banknote is made of polymer which has a longer lifespan compared to cotton banknotes and is more resistant to wear and tear. This is evident in the statistics since to date only 1.2% (60 000 pieces) have been received back by the bank as damaged banknotes,” Zemburuka explained. No reprints are planned for either of the commemorative denominations. “Commemorative banknotes are usually issued in limited quantities to celebrate a significant event, person or milestone and are therefore mostly printed as a once-off print,” Zemburuka said. “The N$60 banknote was a once-off print to celebrate the life and legacy of the third Namibian president, his excellency Dr Hage G Geingob and hence [there are] no plans for a reprint in the future again.” The post Bank of Namibia issues N$270m in commemorative notes appeared first on The Namibian.

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