14 December 2012

Zambia: BOZ Kicks Off Kwacha Rebasing Sensitisation Tour

THE Bank of Zambia (BoZ) will this weekend dispatch 20 teams of its officers to all parts and provinces of the country to sensitise people ahead of the changeover of the rebased Kwacha on January 1 2012.

And BOZ has said it has come up with an arrangement with commercial banks in the country to allow people without bank accounts to exchange the old currency at any financial institution.

BoZ assistant project manager - currency rebasing Wilson Mazimba said the 20 teams of officers would depart Lusaka on Sunday to go to the provinces to ensure that people were well-informed on the issue.

In his presentation to Lusaka City Council workers yesterday, Mr Mazimba said it was important that every person in the country was well-informed on the rebased currency before the new notes were circulated to the public.

He said the exchange of the old currency for the rebased currency would cease at commercial banks on June 30, 2014, while the end of currency exchange at BOZ and at designated agents would be on December 31, 2015.

"BOZ has designed a communication strategy on currency rebasing that will allow for the carrying out of simultaneous spreading and education activities in different parts of the country to all stakeholders and the general public.

"We have also agreed with all commercial banks in the country to allow everyone to exchange old money for rebased currency even if they do not bank with them, this exercise will last up to June 30, 2014," Mr Mazimba said.

He said the commercial banks would only allow people to exchange the money with a limit of about K100 million, saying anyone with more than that amount would be sent to BoZ.

Mr Mazimba urged public institutions to ensure that they trained all their staffs dealing with money so that no unfair transaction could be heard of in the country.

"The commercial banks will allow everyone to exchange money with them but with a limit of about K100 million. These banks will only ask for your national registration cards (NRC) and may sometimes ask for you to open accounts with them later.

"We are going to send 20 teams to all the provinces of the country on December 16 2012 to sensitise the people in rural areas on the rebased currency and all the transactions being conducted during this process these teams will be there up to the monthend," he said.

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