bob to demonetise old coins

The central bank has reminded the public that the old Botswana coin will be demonetised by the end of the month. According to In- vestopedia, demonetisation is the act of stripping a currency unit of its status as legal tender.

This follows the introduction of a family of coins that were launched in February 2014. The sets of coins among others include 5 thebe, 10 thebe and 50 thebe. With effect from August 28, all those hold- ing the old coins can only change them at Bank of Botswana’s (BoB) Gaborone and Francistown offices until August 2019. This effectively means old coins can no longer be accepted by commercial banks, but the central bank only.

Last modified on Tuesday, 07 October 2014 19:20

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