21 April 2021 | Wirtschaft

‘Billions of dollars circulating in the economy’

All banknotes in circulation amounted to N$4.5 billion, while coins amounted to N$252.3 million in 2020.

PHILLEPUS UUSIKU

The total value of the currency in circulation increased from N$4.5 billion in 2019 to N$4.7 billion in 2020, an increase of 4.3%, according to the Bank of Namibia (BoN) annual report.

The central bank is the sole authority responsible for the production and issuance of Namibian bank notes and coins.

Overall, positive growth was observed for all coin denominations during 2020, although some denominations remained constant.

All the banknotes in circulation amounted to N$4.5 billion. The banknote denomination most in circulation for 2020 was the N$200 note, at a volume of 14.2 million pieces with a value N$2.8 billion.

The N$100 banknote comes in second position with a value of N$887.1 million, followed by the N$50, N$20 and N$10 banknotes, each with a value of N$347 million, N$194.7 million and N$107.5 million, respectively.

The newly launched N$30 polymer commemorative banknote was last with a value of N$91.1 million and 3 million pieces in volume, BoN pointed out.

A total of 5 million pieces of the N$30 banknote were printed of which 58.9% are already in circulation. The commemorative banknote is a once-off print, which is why the guardian polymer substrate was selected, as this will increase the lifespan of the note compared to the normal cotton substrate, BoN added.

Coins

All the coins in circulation amounted to N$252.3 million with 669 million pieces. The coin denomination most in circulation for 2020 was the N$1 with the same value and volume of N$113.3 million.

The N$5 coin is second with a value N$69.2 million, followed by N$10 cent, N$10, 50 cent and 5 cent each with a value N$21.9 million, N$16.9 million, N$16.6 million and N$14.4 million, respectively, the central bank pointed out.

The currency in circulation is mainly influenced by demand driven factors rather than supply-driven ones, and is thus beyond the control of a central bank.

However, the bank continued to supply the public with sufficient good quality currency as per its mandate, BoN said.

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