N$4.8 billion currency in circulation in 2022

The total value of notes and coins that circulated in the economy in 2022 stood at N$4.8 billion compared to N$4.7 billion in 2021, an increase of 2.4%, according to the Bank of Namibia annual report.

The value of notes in circulation stood at N$4.6 billion in 2022 compared to N$4.5 billion in 2021. Coins in circulation during 2022 were value at N$267.9 million in 2022, relative N$257.9 million in the previous year. The Bank of Namibia has the sole mandate to produce and issue the Namibian currency.

The banking sector observed an increase in the number of fraud and related economic crimes during 2022 in comparison to the previous period.

A total of 370 fraud cases were reported during 2022, compared 268 cases reported in 2021. The categories of fraud experienced by banking institutions in 2022 included ATM fraud, EFT fraud, credit and debit card fraud, mobile application fraud, currency counterfeits, and theft of cash.

Despite these increases, the total value of fraud incidents reported in 2022 decreased to N$41.6 million, from N$144.0 million in 2021. This substantial decrease in the current year is attributed to low value fraud incidents noted in comparison to the prior year.

Additionally, banking institutions have maintained and enhanced control measures aimed at combating high-value fraud incidents, and thereby contributing to the decline. However, the actual amount of financial loss suffered by the industry (banks and clients) increased by 44.4% from N$22.6 million in 2021 to N$32.6 million in 2022, the central bank said.

Counterfeits

During 2022, an increase of 32.9% was registered regarding counterfeits compared to the decrease of 57.4% noted for 2021.

Two-hundred-and-six (206) counterfeits were recorded in 2022, more than the 155 recorded in the previous year.

However, the counterfeits remained of poor quality and below the Bank’s threshold of 10 pieces per million in circulation, as well as the industry standard of 70 pieces per million in circulation.

The N$200 banknote denomination was the most counterfeited with 115 pieces, an increase of 55.8% when compared to 78 pieces in 2021.

In addition, 54 N$100 counterfeit banknotes were recorded in 2022 relative to 33 pieces registered in 2021.

Moreover, the N$50 banknote recorded 28 pieces, N$20 (7) and N$10 (1). No counterfeits were recorded for the N$30 commemorative banknote.

Last year, the Bank of Namibia and Namibian Police discovered and confiscated counterfeit banknotes when two Namibians suspects, and a Rwandese suspect were found counterfeiting banknotes at a central shop in Katutura.

The bank urged members of the public to follow the three basic steps in checking the security features on banknotes. Step 1 ‘Look’: Take a careful look at the overall colours, portraits, and serial numbers, lift the banknotes to light and discover perfect see-through features and watermarks.

Step 2 Tilt’: This involves flipping the banknotes to check for colour-changing, dynamic features and glossy prints. Check the multicoloured security thread on the reverse.

Step 3 ‘Feel: Feel the unique banknote touch and raised prints by running your fingers on both sides of the banknotes, especially on the words BANK OF NAMIBIA; Main Portraits, and the Braille dots for the visually impaired. –[email protected]