Long queues as notes deadline passes

BRIAN BENZA and ISAAC PINIELO | Friday January 8, 2010 00:00

 

Although the bank had announced the dates for the notes change over, the deadline was not as much publicised as that of the sim card registration leading to many people either missing or forgetting about the deadline.

In Gaborone, long queues of people trying to change their notes were the order of the day this week, with many blaming the central bank for not doing enough   to inform them on the deadline.

Bank of Botswana public relations officer admitted that the bank could have done better to publicise the deadline.

' We did put out two press releases last year, but judging by the number of people that are at our offices trying to change their money, maybe we should have done more,' he said.

Asked for a comment on how much of the old notes they have managed to put out of circulation, Chepete Chepete said that it was still too early to tell as a lot of people were still coming in with their notes.

Bank of Botswana (BoB) had announced that the old banknotes would remain legal tender and that they would circulate together with the new banknotes until December 31, 2009 when the old banknotes would be withdrawn from circulation.

Chepete said that they had announced that after December 31, the old banknotes could be exchanged for equivalent value of new banknotes only at the Bank of Botswana in Gaborone and Francistown until December 31, 2014.

He said after 2014, the old bank notes would no longer be legal tender.

However, Chepete said this has led to overcrowding at central the bank as more people are bringing in their old bank notes for exchange. 'Some people are not aware that the grace period will end in 2014 that is why there has been overcrowding in our bank,' he said.

In the meantime, Chepete has appealed to shops and other financial institutions to help in areas where people cannot access Bank of Botswana, by receiving the old notes for exchange.

He, however, advised shops not to give old notes to people as change because it would frustrate their efforts of getting rid of the old bank notes from circulation.

Last year the Central Bank introduced a new family of banknotes in order to bring them in line with current trends. In addition to the denomination comprising P10, P20, P50 and P100, the new P200 banknote was introduced.

On the P10 banknote, President Ian Khama replaced the portrait of former President Mogae.