BoN to share banknote experience at international summit

27 Feb 2017 20:00pm
WINDHOEK, 27 FEB (NAMPA) – The Bank of Namibia (BoN) will this week take part in the World Banknotes Summit 2017, where it will discuss how the technical specifications of the paper used in manufacturing new banknotes can be improved.
In an interview with Nampa on Saturday, BoN Director of Banking Services Sam Shivute said he will Tuesday do a presentation on the central bank’s experience.
The summit, which takes place in Basel, Switzerland from 27 February to 01 March, focuses on banknotes and banknote-related topics and will amongst others have experts from central banks and printing works deliver presentations.
Shivute said he is ready to share the BoN’s experience, specifically with the revamp of the N.dollars 10 and N.dollars 20 banknotes.
The BoN introduced a new family of banknotes in 2012, replacing the first banknote series in circulation since 1993. After the new family of banknotes was launched and subsequently issued to the public on 15 May 2012, technical challenges were experienced with some denominations.
“We carried out an investigation after it was observed that the diamond-feature shape on some of the new banknotes were cracking after continuous folding and handling.”
He explained that the features of these two denominations did not change and instead, they moved the diamond shape outside the folding area to the right. The glossy print mark was moved to the left, next to the portrait of former President, Sam Nujoma.
Shivute said he will also discuss the possibility of a paper testing requirement being adopted by the currency industry as a standard test for new banknotes.
“I am going to convince experts at the summit that Namibia discovered a new test that will not only be useful for Namibian banknotes, but should be adopted all over the world.”
Shivute said the strength of the paper used for the two denominations was not optimal, causing the banknotes to age too fast.
The BoN during its investigations with external experts discovered the possible new test requirement.
Shivute did not elaborate on what the test entails.
The World Banknotes Summit 2017 is organised by Lighthouse Communications, which promotes education and communication in the banknote industry.