Khama warns against financial criminals

Boitshepo Majube | Wednesday March 5, 2014 10:19

He called for public education across the country so that everyone is familiar with the features of all coins. “Public education about the new family of coins will go a long way in combating counterfeiting,” he said. He urged all citizens to be vigilant at all times and not to be lulled into a false sense of security.

He said the metal composition has been changed in the new coins to improve quality and durability and to enhance security.

“The metal quality is more resistant to counterfeiting, which (although rare with coins compared to notes) has the potential to undermine a country’s financial stability,” he explained.

Khama said a strong and stable national currency is a source of great pride and a major symbol of identity. “This is certainly the case in Botswana where the name of the currency, the Pula, is also the national motto and a rallying point of hope,” he said. He said a currency that performs its functions well is a barometer of economic health.

Meanwhile, Bank of Botswana (BOB) governor, Linah Mohohlo said that Friday was the first time that a sitting President presided over the renewal of all of the country’s banknotes and coins since Botswana withdrew from the Rand Monetary Area and introduced its own currency in 1976.