Dye-stained ZAR banknotes could be circulating
Given that Namibia uses the South African rand as legal tender, looted South African banknotes could make their way into the country.
STAFF REPORTER
Due to substantial looting of businesses in neighbouring South Africa, stained South African rand (ZAR) banknotes may have ended-up in Namibia. The Bank of Namibia (BoN) is warning the public and other interested parties against the use and acceptance of the banknotes.
According to Kazembire Zemburuka, deputy director for corporate communications at the central bank, an obvious potential exists, given that Namibia uses the South African rand as legal tender, for looted South African banknotes to make their way into the country.
“Therefore, the bank is hereby cautioning members of the public and the business communities to be on the lookout for dye-stained South African banknotes and refrain from accepting such money as they are unusable in their current state.” he said.
Automated Teller Machine (ATM) currency protection devices (CPDs) were activated by looters in South Africa during the civil turmoil, resulting in dye-staining of the money. CPDs are put in ATMs and cash carrier devices to stain banknotes blue, green and red in the event of an attack, Zemburuka pointed out.
Furthermore, the BoN introduced the Dye-stained Banknote Policy in 2020, which governs how such protection devices can be used locally as a means of currency protection against, theft, robbery and other related crimes in Namibia. It is against the same Policy to use or accept dyed banknotes for payments, he added.
Given the extent of the turmoil and the damage to ATMs and other infrastructure in South Africa, it is reasonable to assume that dye-stained banknotes may be used locally.
Members of the public are encouraged to report suspected dye-stained South African banknotes to the nearest Namibian Police station or to the Bank of Namibia for verification, he concluded.
Due to substantial looting of businesses in neighbouring South Africa, stained South African rand (ZAR) banknotes may have ended-up in Namibia. The Bank of Namibia (BoN) is warning the public and other interested parties against the use and acceptance of the banknotes.
According to Kazembire Zemburuka, deputy director for corporate communications at the central bank, an obvious potential exists, given that Namibia uses the South African rand as legal tender, for looted South African banknotes to make their way into the country.
“Therefore, the bank is hereby cautioning members of the public and the business communities to be on the lookout for dye-stained South African banknotes and refrain from accepting such money as they are unusable in their current state.” he said.
Automated Teller Machine (ATM) currency protection devices (CPDs) were activated by looters in South Africa during the civil turmoil, resulting in dye-staining of the money. CPDs are put in ATMs and cash carrier devices to stain banknotes blue, green and red in the event of an attack, Zemburuka pointed out.
Furthermore, the BoN introduced the Dye-stained Banknote Policy in 2020, which governs how such protection devices can be used locally as a means of currency protection against, theft, robbery and other related crimes in Namibia. It is against the same Policy to use or accept dyed banknotes for payments, he added.
Given the extent of the turmoil and the damage to ATMs and other infrastructure in South Africa, it is reasonable to assume that dye-stained banknotes may be used locally.
Members of the public are encouraged to report suspected dye-stained South African banknotes to the nearest Namibian Police station or to the Bank of Namibia for verification, he concluded.
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