WINDHOEK DENVER ISAACS
The Bank of Namibia (BoN) has announced that it has ordered improved N$10 and N$20 notes to be issued, after completing its own investigation into the quality of the new notes.
BoN governor Ipumbu Shiimi yesterday confirmed that the notes, part of a new series that entered into circulation in March last year, were found to have been printed on sub-par paper.
The bank in July last year notified the public that it was concerned over the fact that the diamond shape featured on some new N$10 and N$20 notes became cracked after multiple folding or handling.
It also noted a general question of quality in the two denominations, which was not the case for N$50, N$100 and N$200 notes of the same series.
The investigation entailed engaging independent international currency experts and subjecting all the new banknotes to extensive independent laboratory tests, Shiimi said.
The cause of the trouble, he added, was attributed to technical weaknesses in the paper used for the specific two denominations .
Standard industry tests conducted on the notes when they were printed, he said, could not pick up the fault.
Following the bank's investigation, Shiimi said, the technical specifications of the paper used for the two denominations were improved.
As these specifications are the responsibility of the printing company, the improvements, he said, were being implemented at no extra cost to the central bank.
As an additional precaution to enhance durability, it was also decided to move the diamond shape feature outside the normal folding area of the notes, Shiimi said.
The bank, he said, would inform the public when the improved notes are to be issued, noting that those N$10 and N$20 notes currently in circulation, remain legal tender.
A limited quantity of the improved banknotes will be issued for public testing before these officially go into circulation.
The public is once again assured that the security features of all banknotes remain resilient to counterfeiting. It remains important, however, for members of the public to continue paying attention to the basic security features in order to detect any possible counterfeits, the BoN governor said.