BoB to introduce new family of coins

Brian Benza | Friday December 13, 2013 17:03

 

According to the Government Gazette, most features of the new coins will largely remain unchanged for the    current seven denominations in circulation, except for the P2 coin. The new P2 coin will have a brown centre piece along a white outer ring. On the other hand, the five thebe coin will change from copper to silver. The obverse face of all the new coins will maintain the Botswana coat of arms. On the reverse side, some coins will maintain current inscriptions while trees and birds will be added to the zebra on the P1 coin. Sorghum heads will be added to the rhino on the reverse side of the P2 coin.

' The new family of coins will be introduced in the first quarter of the year,' the BoB said.

 The current set of coins was introduced in 1998 when the one and two thebe coins were withdrawn from circulation. However, the bimetallic five Pula depicting a mophane caterpillar and a branch of the mophane tree was introduced in 2000.

According to the central bank, as at December 2012, they are over P160 million worth of five thebe coins in circulation, with 10 thebes worth P70 million. Over P30 million worth of 25 thebes were in circulation while five Pula coins were the least at about P8 million.

 The introduction of the new family of coins follows the change in bank notes four years ago.   

The current family of banknotes used was launched on 21 August 2009, the same day (Pula Day) that the Pula was first launched in 1976.

 The banknotes family includes five notes in a denomination structure comprising P10, P20, P50 and P100, and P200.

All, except the P200 note, which was not issued previously, retained the basic colour and layout as the earlier notes.

 As at September 2013, the amount of notes and coins in circulation stood at P2.4 billion. Meanwhile, the Bank of Botswana has announced that the Pula continues to trade in the mixed against regional and international currencies.

 In a market update, the central bank says that, on an annual basis (12 months to November 2013), the Pula depreciated against the Euro (12.2%), US Dollar (8.0 percent), and the Pound (9.8 percent) while it appreciated against the Yen (14.2%) and the Rand (6.8 percent).

In November alone, the Pula appreciated against the Rand (1.0 percent) and the Yen (2.5 percent) while depreciating against the Euro (0.9 percent), US Dollar (1.5 percent) and the Pound (3.7 percent).