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New P10 in circulation

Bank of Botswana (BoB) has officially launched the new P10 banknote produced at a total cost of P10.9 million with 15.5 million notes printed for issuance into circulation.

 The new banknote bears the portrait of President Dr Mokgweetsi Masisi and Minister of Finance and Economic Development, Dr Thapelo Matsheka’s signature.

Speaking during a televised broadcast yesterday, BoB governor, Mr Moses Pelaelo said issuance of the note was in accordance with restocking of currency whose features at replenishment of stocks coincided with the portrait of the sitting President and current finance minister’s signature as had been common practice since 1998/99.

He explained that delivery and issuance of the emission, the third so far,  should have been done on  August 23, 2020, which is Pula Day, but was delayed due to production and delivery logistics emanating from COVID-19 and contamination measures by the print company.

Mr Pelaelo said the denomination structure of the note, including its form and design features, were based on a symbolic illustration of the socio-economic and national heritage, including the importance of democracy.

He said the BoB board had been accordingly consulted and approval obtained from the Minister of Finance and Economic Development, before the changes were made to the note as per legal requirements under the Bank of Botswana Act.

Elaborating, BoB director of banking and currency, Ms Sheila Sealetsa said the new emission had maintained the same polymer substrate, design theme and features as the circulating note introduced in 2018.

She said apart from the new portrait and signatures, the reverse side of the banknote remained unchanged save for additional measures to enhance its quality, strength and resilience.

An ultra post-print vanish, with bioguard, had been applied on the polymer substrate used to make the note to protect it against dust and any kind of liquid while bioguard had been used to protect against bacteria and virus propagation, she explained.

Ms Sealetsa also clarified that while the polymer substrate was susceptible to scratches, it was BoB’s most preferred emission of the note because it lasted longer than the cotton based polymer.

She urged Batswana to return worn out bank notes to BoB to enable reduction and replenishment of notes as well as to ensure that the second emission faded from circulation.

Ms Sealetsa explained that the new emission would run concurrent to the old one bearing the portrait of the former president until it faded out of use.

Banks would soon make provisions to have the new emission dispensed from automatic teller machines (ATM), she stated.ENDS

Source : BOPA

Author : Gobe Memo

Location : GABORONE

Event : Televised broadcast

Date : Feb 22 Mon,2021

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