22 April 2021 | Wirtschaft
N$200 banknote a key counterfeiting target
The total number of counterfeit banknotes should not exceed 10 pieces per million banknotes in circulation.
At this point, the bank is not concerned by the number of counterfeits, given their poor quality, which is also below the threshold. Bank of Namibia (BoN)
In the last five years, 2019 recorded the highest detections of banknotes counterfeits, recording a total of 660 pieces of which 247 were N$200 denominations, according to the Bank of Namibia (BoN) annual report.
Overall, a decline in the number of counterfeit banknotes was detected in the year 2020 compared to 2019. As of 31 December 2020, the total number of counterfeit banknotes detected was 364 pieces, a decrease of 296 pieces or 44.85% when compared to the 2019 figures. All the 364 counterfeit pieces detected in 2020 were valued at N$48 960.
There were no counterfeits detected from the old series banknotes for the year 2020. For the new series, in 2020, 199 counterfeit pieces of N$200 banknotes were detected, BoN said.
The N$50 banknote recorded 59 counterfeit pieces, followed by the N$100, N$20 and N$10 banknotes, each recording 54,29 and 23 counterfeit pieces, respectively.
The central bank provides the public with secure banknotes, the cutting-edge security features which render them easy to identify and difficult to counterfeit.
“At this point, the bank is not concerned by the number of counterfeits, given their poor quality, which is also below the threshold,” BoN said.
In terms of the bank’s threshold, the total number of counterfeit banknotes should not exceed 10 pieces per million banknotes in circulation. The international threshold is 70 counterfeit banknotes per million banknotes in circulation, the central bank pointed out.
The total value of the currency in circulation amounted to N$4.7 billion in 2020 of which N$4.5 billion are banknotes while the remaining N$252.3 million are coins.