Maseru, Dec.09 — The Central Bank of Lesotho (CBL) has on Tuesday launched the upgraded Maloti banknotes in presence of stakeholders at the event held at Lehakoe Maseru.
This is done in line with global central banks’ mandate to review and upgrade regularly.
CBL Governor Dr. Maluke Letete said this is a historic milestone in the financial journey saying this is more than change in design but reaffirmation to commitment, security and trust.
He said the upgrade is done for three reasons including enhanced security, saying in an era of technology counterfeit is increasing rapidly. He said the state of art security includes advanced water marks, tile for visually impaired and machine readable, saying this is to protect both consumers and business.
Dr. Letete explained that with the upgrading, the new bank notes are designed with improved materials which extends life span and durability.
He said such notes will take a maximum of four years to be in circulation before saying this benefits the entire economy.
He said the modern identity symbolises national heritage showcasing culture saying the features make the new notes more accessible including to people with visual impairment thus they are not leaving anyone behind.
Dr. Letete emphasised that money does not belong to the wealthy but to all saying with the new features people with visual impairment can know the note by just touching. He said they have incorporated a feature for the visually impaired community.
Moreover, he said currency is a symbol of sovereignty and stability of Basotho nation and should be treated as such, highlighting that no citizens should write with a pen on a currency and should not tear it, as that threatens sovereignty.
He said torn bank notes should be returned to CBL in exchange for new ones.
He said old bank notes shall remain legal tender until a new announcement has been made therefore urging businesses not to refuse old notes saying the old and the new notes will both be in circulation until such time when advice is made for withdrawal of old notes.
He however advised those who are not comfortable with old ones to exchange them at nearest banks.
He mentioned that they have organized public awareness campaigns so that everyone understands what is expected.
“Public campaigns to sensitize people so that they know and understand features on the new notes will run from January 2026 with every district touched,” . . .
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