WINDHOEK, April 25 — Namibia’s central bank yesterday announced that the minting of the country’s lowest denomination, the 5 cent coin has been discontinued.
However, the coin will remain legal tender and accepted as a medium of payment at Namibian retailers and businesses indefinitely, Bank of Namibia (BoN) Deputy Director of Corporate Communications, Kazembire Zemburuka said Wednesday.
“The decision to discontinue the minting of the coin was due to the low recycling of the coins due to increased accumulation by members of the public in their households,” he said.
Furthermore, Zemburuka said the bank noted that the handling costs for the coin have become exorbitant for commercial banks and retailers.
According to Zemburuka, the bank shall continue supplying commercial banks with the 5 cents coins with the current stock that is expected to last until the end of August 2019. – XINHUA