Home News New notes to start circulating in March

New notes to start circulating in March

by Lesotho Times

MASERU — Central Bank of Lesotho (CBL) governor Dr Moeketsi Senaoana says the country’s new bank notes will start circulating in March.

Senaoana made the remarks while briefing King Letsie III on the new notes at the Royal Palace in Maseru yesterday.

Senaoana said the new banknotes have tight security features which were designed to make it difficult to forge the currency.

He said the CBL had decided to introduce the new banknotes after realising that the technology that was used to design the current notes was too old.

The CBL chief also indicated that the current notes posed a serious challenge to the bank with criminals attempting to forge the money.

Senaoana said the bank will start by introducing the new notes to the police, financial institutions and business community to allow them to familiarise themselves with the security features.

King Letsie III commended the central bank for designing the new banknotes adding that the new currency will help maintain and uphold the image of the country. He urged the public not to deface the money.

Finance Minister Timothy Thahane and central bank staff attended yesterday’s ceremony.

The CBL officially launched the new money at a glittering ceremony in November.

The bank said the decision to launch the new currency was meant to halt the spread of counterfeit notes in Lesotho.

It is however still not clear when the current notes will cease being legal tender.

The new notes feature three royal family members — the current king, His Majesty Letsie III in the middle, his father King Moshoeshoe II  on the left, with the founder of the Basotho nation, King Moshoeshoe I, on the right. — Lena/Staff Reporter.

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