BoT educates public on notes security

Information released at the BoT pavilion at the ongoing 36th Dar es Salaam International Trade Fair (DITF), the bank was educating the public to understand security features in the notes.

"The existence of fake notes is a big problem and people should be able to recognize the difference," an exhibitor told the 'Daily News.'They are also giving education to the blind so that they can feel the texture of a genuine note and tell the difference with fake notes.

The texture of the genuine note is from cotton-based raw materials.He said the bank would soon introduce the 500 coin because the people hard cash in the economy where 500 and 1,000 denominations change hands at a very fast rate.

"These ones circulate a lot before going back to the central bank or the other banking system," he said.He said it was more expensive to keep on making the 500 notes because  they keep on deteriorating and that its life span is 6 months as compared to the life span of a coin at 25 years.

When the 500 coins are introduced they will go parallel with the current 500 note until the latter goes out of the market.In issuing currency, he said, the BoT branches in Mwanza, Arusha, Zanzibar and Mbeya and safe custody centres in Songea, Tabora, Kigoma, Mtwara and Tanga are used.

The bank is mandated by the BoT Act, of 2006 section 26 to have the sole right to issue bank notes and coins in the country; thus it shall be the only legal tender in Tanzania.It adds that currency department is responsible in the designing and ordering of bank notes and coins to meet the country's demand.

THE Director of Public Prosecutions (DPP) ...

Author: DAILY NEWS Reporters

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