Botswana central bank, Bank of Botswana says it will introduce a new family of coin in the first quarter of 2014, the bank disclosed in a statement this week.
The introduction of the new coin follows a comprehensive review of the national currency, in this case Botswana coin.
“This is in line with international norms where currency is reviewed and updated periodically to take account of latest technology trends and security features”, the bank said, adding that in designing and minting the new family of coin, the Bank accessed the latest technology in the industry with a view to producing good quality coin.
The new family of coin has retained the seven denominations Botswana 5 Pula, 2 Pula, 1 Pula, 50 thebe, 25 thebe, 10 thebe and 5 thebe.
The detailed shapes and features of the coin will be published shortly in posters and related media. The current coin will be exchanged for new coin and /or bank notes at commercial banks over a period of six (6) months following the launch of new coin.
What will then be old coin will be demonetized and exchangeable for equivalent value only at the Bank of Botswana in Gaborone and Francistown for a period of five (5) years.
Members of the public are requested to familiarize themselves with the features of the new coin, once they are in circulation as a measure to avoid been targeted by fraudsters using out of circulation coins.