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P10 With Prefix 'ZZ' Code Genuine ­- BoB

P10 note.
Some shops rejecting the P10 banknote with serial number 'ZZ' referring to it as 'fake' have recently been turning away consumers. 

One consumer, Rebotlhe Masiapeba, said a supermarket in Block 9 refused to take a P10 banknote with the serial number ‘ZZ0207241’ saying the money is ‘fake’ as the serial number for Botswana banknotes starts with A.

Another consumer posted on Facebook a picture of the banknote with a caption ‘Be aware of the P10 banknote, which is in circulation around the country’.

When responding to Business Monitor questionnaire, Bank of Botswana (BoB) spokesperson, Seamogano Mosanako said any banknote with a serial number starting with ‘ZZ’ is a replacement note. “In accordance with industry norms and practices, banknotes are assigned unique numbers.

Any new banknotes found to be defective out of a ‘production batch’ are immediately replaced,” clarified Mosanako.

She said the replacement banknotes are assigned unique prefix ‘ZZ’ of the serial number to replace those damaged during the production process, as serial numbers have to follow a predetermined sequence and also quantity in a particular box.

“In Botswana the replacement code is ‘ZZ’ and is applied to all replacement Bank of Botswana banknotes across all the denominations including 10, 20, 50, 100 and 200,” she said. “Therefore the

P10  with prefix of ‘ZZ’ code is genuine, subject to the normal due diligence to confirm the authenticity of the banknotes security features.”  Last year in February, the apex bank issued a new P10 polymer banknote in response to persistent public concerns regarding the poor quality of the one that was in use. BoB by then noted that as the lowest denomination, the P10 banknote has the highest circulation rate and stays longer in circulation compared to higher denominations.

They said under normal circumstances, the paper P10 banknote is expected to remain in circulation for a period of approximately four months. According to their observation, the P10 banknote remained in circulation for a period of approximately eight months since it is largely used as change.

It would thus be soiled by the time it is deposited at the bank for sorting and destruction, as may be necessary. 

In accordance with Section 24 (2) of the BoB Act (CAP55:01), the central bank took the decision to change the substrate for the P10 banknote, with the approval of the minister of Finance and Economic Development.




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