5 January 2013

Zambia: Help Explain Rebased Currency - Sata

PRESIDENT Michael Sata has directed all Patriotic Front (PF) Members of Parliament (MPs) to visit their constituencies and assist Government in sensitising the general public on the rebased currency.

This is according to a circular from the President to all PF parliamentarians, dated January 3, 2013.

"Would you please make an effort to visit your constituencies and those which belong to other political parties and urge the people of Zambia to change their old currency before the end of June, this year.

"Kindly let me know the difficulties which our people may be facing in this exercise," the circular reads in part.

The President explained that it was an internationally established practice to rebase a currency during the period of low and stable inflation.

Mr Sata expressed confidence that the rebasing of the kwacha would continue without hindrance.

The rebased currency came into effect on January 1, this year.

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