Botswana President Seretse Khama Ian Khama, on Thursday unveiled Botswana’s family of new coins as part of his birthday celebrations. “Some countries introduce new currency to address a specific challenge of either hyper-inflation or rampant counterfeiting. This is not the case with us today,” said the 61-year-old Khama.
PANA reports that the launch of the new family of coins marked the end of a journey which began several years ago when the Bank of Botswana (BoB) embarked on an extensive review of the country’s banknotes and coins, some of which had been in circulation since the introduction of the currency in 1976.
Last year, Botswana announced plans introduce new coins which will depict the country’s national heritage with ease of use, durability and security.
The new family of coins will retain the current seven denominations is 5 Pula, 2 Pula, 1 Pula, 50 thebe, 25 thebe, 10 thebe and 5 thebe.
Botswana's coins were first introduced in 1976 and since then only 1 thebe has been scrapped.
BoB's last currency change was in 2009, when a series of new notes was introduced and contained for the first time, a 200-pula banknote.
Since the launch of the family of banknotes in 2009, currency in circulation has increased by 35 percent.
This is attributable mainly to the P200 banknote, which is an indication of its popularity.
Born in 1953, President Khama is one of the youngest presidents in the Southern Africa Development Committee (SADC) bloc.