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Zambia: K2.2tr Trillion Old Currency Withdrawn From Circulation

The Bank of Zambia (BoZ) has issued KR2.4 billion and withdrawn K2.2 trillion (KR 2.2 billion) of the old currency notes from circulation.

BoZ currency rebasing project manager Morris Mulomba said the Central Bank had withdrawn 56 per cent of the old currency.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

Ads by Google

Copyright © 2013 The Times of Zambia. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.