Counterfeit banknotes discovered and confiscated
Counterfeit banknotes were discovered and confiscated when two Namibians suspects, and a Rwandese suspect were found counterfeiting banknotes at a central shop in Katutura, the Bank of Namibia and Namibian Police announced in a statement.“The equipment used were also confiscated in the process for further investigation. Counterfeit notes are mainly exchanged at small businesses, home shops, and taxi services. The recipients of these notes may not be aware of the security features and therefore fall victim to counterfeits or are in a hurry and do not have time to verify,” the statement reads.
According to the Bank of Namibia recent annual report, the total value of currency in circulation during 2021 stood at N$4.76 billion, an increase of 1% when compared to N$4.71 billion in 2020.
Detected counterfeits in circulation have been declining over five years, statistics in the report indicated. In 2021, the total value of counterfeit banknotes amounted to N$20 880. The total number of counterfeits added up to 115 units.
The largest denomination, the N$200 banknote, was the main counterfeiting target with 78 units. In addition, 33 counterfeits were detected for the N$100 banknote, 37 for the N$50 banknote, 6 for the N$20 banknote and lastly 1 for the N$10 banknote.
“Counterfeits remain of poor quality and are below the central bank’s threshold of 10 pieces per million in circulation, as well as the industry standard of 70 pieces per million in circulation,” the report reads.
Security features
Members of the public are urged to follow the three basic steps in checking the security features on banknotes. Step 1 ‘Look’: Take a careful look at the overall colours, portraits, and serial numbers, lift the banknotes to light and discover perfect see-through features and watermarks. Step 2 Tilt’: This involves flipping the banknotes to check for colour-changing, dynamic features and glossy prints. Check the multicoloured security thread on the reverse. Step 3 ‘Feel: Feel the unique banknote touch and raised prints by running your fingers on both sides of the banknotes, especially on the words BANK OF NAMIBIA; Main Portraits, and the Braille dots for the visually impaired. Following these easy steps is the surest way to prevent people falling victim to counterfeiting.
The Bank of Namibia and the Namibian Police Force requests public members to share any information regarding counterfeiting with the Namibian Police Force or the Bank to ensure culprits are brought to book. The law provides that where a person is convicted of an offense under Section 80 of the Bank of Namibia Act (Act 1 of 2020) subject to section 2 of the Prevention of Counterfeiting of Currency Act, 1965 (Act 16 of 1965), that person shall be liable on conviction to a fine not exceeding N$100 000 or to imprisonment for a period not exceeding five years, or to both such fine and such [email protected]