Warns that it’s unlawful to reject SA currency!
Central Bank of Lesotho Governor Dr Maluke Letete launched officially South Africa’s latest print and mint of banknotes and coins in the country last week. The South African Rand together with the Maluti remain the two official currencies in the Mountain Kingdom.
The Governor has advised strongly that people in Lesotho should welcome the new money as it overrides the old banknotes and coins believed to be endangered. He continues that the new SA banknotes and coins are already in circulation therefore should one come across it they must not hesitate to accept and use it. In Lesotho the notes will be in circulation in Lesotho by the latest June this year through local ATMs, this is an effort to encourage business as usual in the country.
“There will immediately be circulated in high volumes in the country to rid of the bleached currency,” it was said.
However, the bleached notes will continue being collected and remitted to the CLB for final dispatch to SARB to be confiscated and destroyed.
In around November last year, notice was made on the circulation of bleached South African Rand notes in Lesotho jurisdiction. The CBL warned publicly that dye stained and bleached SA banknotes had flooded the country and sadly as the bank nothing could be done to compensate the holders except to collect the money to be destroyed at the right time by the South African Reserve Bank.
In a statement by the CBL it was mentioned dye-stained/bleached bank notes are believed to have emanated from a spate of riots which rocked Kwazulu Natal Province in July 2021. Other have emanated from the recent bombings and cash in transits heists in South Africa. The unfortunate incident has left many Basotho stranded with useless cash while businesses on the other hand sorted to blatantly refusing SA currency altogether, an act the CBL Governor Dr. Maluke Letete says is against the law. That being the case, the central bank has already sought for better interventions from the police services to assist with the illegal matter. Moreover, the central bank will continue to engage financial education to various financial sectors including the smaller businesses who happen to be the most victims of counterfeit or blitz money.
In an effort to eradicate losses brought about by the blitz money, businesses are encouraged to invest in Ultraviolet (UV) light also engage training employees, cashiers, till operators on thier use of which helps identify bleached notes where presented.
The newly launched banknotes and coins have been enhanced with security features and new designs celebrating SA’s rich heritage.
Added to the new family of banknotes are the SA flag, the preamble to SA’s constitution in micro-lettering and the big five depicted as a family represented with their families, while the coins boast a series of other living organisms and plants. Another notable significant change for Basotho to be conscious of – is the new R50 note, which leans more towards purple than the pink colouration before, more like 50 Maluti.