14 January 2013

Zambia: ATMs Functional, Says BOZ

THE Bank of Zambia (BoZ) has said all automated teller machines (ATMs) in the country are now functional and are available for dispensing the new notes.

BoZ assistant project manager currency rebasing Wilson Mazimba said there were some ATMs which could not accept master cards because some banks in the United States of America (USA) did not adapt their systems to accept the new notes.

He noted that some ATMs were not functional just before and after the new currency change-over because they were undergoing calibration.

Mr Mazimba said machines were only dispensing high Kwacha notes like the rebased K20 and the K100 because it was easier for them to do so.

"I would like to mention that all the ATMs in the country finished undergoing calibration and have since January 1, 2013 been operational to dispense the new Kwacha notes.

"The ATMs are available to all users and they are dispensing only high Kwacha notes like the rebased K20, K50 and K100 at the moment, " Mr Mazimba said in an interview in Lusaka.

He said there might be some ATMs which were not working for other operational reasons other than rebasing.

BoZ had on December 14, 2012 warned that some ATMs would not be functional just before and after the new currency change-over date because they would be undergoing calibration.

Mr Mazimba urged the general public and business entities to take advantage of the period given by BoZ to exchange their old notes with the new ones, adding that the exchange limit for commercial banks was K10 million and the exercise would come to an end on June 30, 2013.

The exchange of the old Kwacha for the rebased currency would cease at commercial banks on June 30, 2013, while the end of currency exchange at BoZ and at designated agents would be on December 31, 2015.

"The commercial banks would only allow people to exchange the money with a limit of about K10 million, so anyone with more than that amount will be sent to BoZ and when the exchange period ends no one will be allowed to exchange the money at the commercial banks." Mr Mazimba said.

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