26 January 2013

Zambia: K2.2tr Trillion Old Currency Withdrawn From Circulation

The Bank of Zambia (BoZ) has issued KR2.4 billion and withdrawn K2.2 trillion (KR 2.2 billion) of the old currency notes from circulation.

BoZ currency rebasing project manager Morris Mulomba said the Central Bank had withdrawn 56 per cent of the old currency.

Mr Mulomba said at a media briefing in Lusaka yesterday that BoZ now had all the rebased currency denominations in circulation.

"We are hoping that by June, we will be able to withdraw 90 per cent of the old currency," Mr Mulomba said.

He said the central bank was experiencing a stable inflow of cash during the exchange and was hopeful that the exercise would be completed within the scheduled time.

He said BoZ officials had visited all the provinces and had come up with a report that showed how the general public had received the currency rebasing exercise.

He said most people had complained over the coins saying they were too small and could easily be lost.

"We have come up with a report that shows that the new notes have been accepted by everyone, and we also think that more sensitisation is needed as some people still do not understand how to use the new notes," he said.

Mr Mulomba said BoZ had not received any fraud case following the rebasing of the Kwacha although initially there was fear that some counterfeit K100 notes could be illegally introduced in circulation by unscrupulous people.

"We have not received any case of fraud following the rebasing of the Kwacha, but there is a threat of having counterfeit K100 notes because they could be confused with the old K100 note," he said.

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