WINDHOEK, Aug. 15 – Despite concerns over the abundance of coins in circulation and suggestions for doing away with them, the Bank of Namibia has given its assurances that no banknotes or coins are to be phased out in the near future.
Responding to questions sent to the BoN regarding the coins, Deputy Corporate Communications Officer Kazembire Zemburuka said the currency now in circulation is one of the best that Namibia has ever had.
“Kindly be advised that the Bank of Namibia has no intention to discontinue the issuance of the current coins and notes in circulation, which includes the N$ 0.05c coins. The Bank will thus not stop its issuance now or in the foreseeable future,” Zemburuka said.
He added that before phasing out any banknotes or coins, industries would be informed in advance.
However, the 5 cent coins have been proven to be one of the most popular among the coin series and this is confirmed by the increase in the volume of coins in circulation over the past few years.
Some 226.2 million pieces of the 5 cent coin were in circulation as of 2016 and Zemburuka said they are still functional and convenient in a number of commercial transactions.- Jonsey Douglas