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Dec. 24, 2021

EDITOR

2 min read

New secure banknotes, a good move

New secure banknotes, a good move

CBL Governor Dr Retšelisitsoe Matlanyane

Story highlights

  • Both series will be legal tender and should continue to be used in cash transactions until the public is informed otherwise
  • Regulator launched the enhanced maloti banknotes with improved security features to keep ahead of counterfeiters

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THE decision by the Central Bank of Lesotho (CBL) to introduce new and enhanced banknotes is perhaps a good step in the right direction, considering the extend in which counterfeiters have in the past years been able to manipulate and take advantage of the local banknotes.

So much money is lost through this and unfortunately the law enforcement agencies have struggled a lot in dealing with the matter.

Several people, individuals as well as businesses alike have suffered through the exchange of the counterfeit money. That means unnecessary loss of income, and thus killing the economy in the long run.

On Tuesday, the regulator launched the enhanced maloti banknotes with improved security features to keep ahead of counterfeiters.

The new banknotes will begin circulating in the market on Thursday alongside the old banknotes that have been in circulation since 2010.

Both series will be legal tender and should continue to be used in cash transactions until the public is informed otherwise.

Another important thing that deserves applaud in the new banknotes is that the security features have now been enhanced to accommodate the visually impaired persons in a similar quest to allow them also to deal with and differentiate proper banknotes from the counterfeit money.

This will definitely reduce the impact in which these fraudsters have been able to take advantage of the disadvantaged groups.

This is a clear demonstration that the CBL understands the contributions made by all sectors of the public and therefore moves to ensure safety across the board. It is imperative for everybody in this country to feel important and safe.

The move further means that Lesotho will earn respect at international stages as the new banknotes fall in line with the international best practices and also take advantage of innovations in the banknotes industry.

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The fact that the new banknotes will also protect users against the impacts of the COVID-19 pandemic is even more innovative and therefore deserves more praise.

The CBL Governor says that among some of their features, the new banknotes contain the SICPAPROTECT varnish, consisting of both anti-bacteria and anti-viral properties to make the money safer for handling, and this will protect users against the pandemic.

 As the pandemic continues to cause havoc across the world killing millions of people, among others through exchange of currency, such transmission will be a thing of the past in Lesotho with the introduction of the new banknotes this week.

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