Governor statement at the official release of new notes

Mbabane

30.06.11
 
Ladies and gentlemen of the Press,
 
Let me welcome all of you to the Central Bank of Swaziland and take this opportunity to thank you for honouring today’s press conference. Today, we are announcing the release of the remaining series of notes into circulation to complete the entire family of the new banknotes which we first introduced in September last year. You will recall that at that time we only released the E100 banknotes. We are pleased to observe that the E100 banknotes have been well received by the public and are now very common public feature.
 
The Central Bank takes pride in its responsibility to provide high quality banknotes and to ensure public confidence by minimising the counterfeiting of our money. The new series of banknotes come with upgraded security features in line with international standards. Over the years, the banknote durability and security features have advanced significantly. The portrait of His Majesty King Mswati III has also been updated to reflect his current image.
 
It is important to point, at the onset, that the upgrading of the banknotes does not mean that money in circulation will be increasing. This process will replace old notes and worn out banknotes with new ones. I am pointing this out because there have been a number of developments in the country since the launch of the new series of banknotes last year. One of these developments is the cashflow challenges faced by government. Let me categorically state that the process of replacing old and worn out banknotes does not mean that we are injecting money into the economy in order to address the current financial situation by government.
 
As we are announcing the release of the new series banknotes into circulation; total Emalangeni in circulation will be determined by economic activity. We are already in a situation that requires the replenish stock for the E10. This means we are more likely to see the new E10 dominating in the public domain. Other denominations will also be released in due course, depending on market demand.
 
The security features of all the new banknotes remains the same as previously communicated to the public. Once again, I would like to appeal to all members of the public to take time and familiarise themselves with the security features of the new banknotes so that we can help fight counterfeiting. Additional posters and flyers which have detailed information on the security features have been distributed to banks, retail outlets and public places. We have further updated our website, www.centralbank.org.sz, with educational information on the new banknotes. Our Currency Division, working with the Corporate Communication Office, are also ready to assist members of the public to know and understand the security features.
 
It is important to know your money so that you can trust it. As we normally would say, “Yetsembe Imali Yakho” – “Trust Your Money!”
 
Thank you.