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CBS to release remaining series of new notes Monday

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MBABANE – The Central Bank of Swaziland (CBS), will as of Monday issue out the remaining series of the new banknotes that are well known for their high security features.

In September last year, the CBS announced the introduction of new notes and released E100 banknotes while the rest were to follow at a later stage. The CBS has since announced that the remaining E10, E20, E50 and E200 banknotes will hit the market next week. The most notes that consumers would probably find aplenty will be the E10 banknotes as the CBS is already in a situation that requires the replenishing of the E10 stock.

Governor Martin Dlamini, in a press conference held at the CBS boardroom yesterday said with the E100 notes that were first to be released, they had been received well by the public and were now a very common public feature. "The Central Bank takes pride in its responsibility to provide high quality banknotes and ensure public confidence by minimising the counterfeiting of our money. The new series of banknotes come with upgraded security features in line with international standards. Over the years, the bank note durability and security features have advanced significantly. The portrait of His Majesty King Mswati III has also been updated to reflect his current image," the governor said. Dlamini explained that the security features of all the new banknotes remained the same as previously communicated.

He urged the public to take time and familiarise themselves with the security features of the new banknotes to help in fighting counterfeiting.

He said the CBS was doing its best to ensure that the public knew of the security features and had put posters and flyers in all retail outlets, banks and public places.

"It is important to know your money so that you can trust it," he added. The CBS spent about E8 million in the printing of the new notes by a German company called Gieseoke & Devrient.

... CBS insists it is not printing more money

MBABANE – Some people are of the view that the fiscal crisis in the country has compelled the Central Bank of Swaziland (CBS) to print more money.

However, the Governor Martin Dlamini said he wanted to emphasise that the CBS was not printing more money but was doing a replacement programme of the old notes with new ones that had high security features.

He said this when announcing the release of the remaining new banknotes into the market yesterday at the CBS boardroom.

Upgrading

He said, "It is important to point out, at the onset, that the upgrading of the banknotes does not mean that money in circulation will be increasing. This process will replace old notes and worn out banknotes. I am pointing this out because there have been a number of developments in the country since the launch of the new series of banknotes last year. One of these developments is the cashflow challenges faced by government.

Let me categorically state the process of replacing old and worn out notes does not mean we are injecting money into the economy in order to address the current financial situation by government."

The governor explained that total Emalangeni in circulation would be determined by economic activity.


Comments

I don't believe that the new notes were well received, everyone that I know finds them ugly and a very bad likeness of the King. I am also not convinced that the notes are not just a way of getting more money by printing more.. its been done before by Mabuto , Amin, Mugabe etc.. why not here seeing that this government is not very good at operating according to normal operating principals.. We will see how we will survive..
Jul 1, 2011, 10:19 AM, James (jadlamini@breakthru.com)

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