26 January 2013

Zambia: Boz Withdraws Another K2.4 Trillion Old Currency

The Bank of Zambia (BoZ) has withdrawn about K2.2 trillion old currency from circulation and replaced it with K2.4 billion rebased.

Current Rebasing Project manager Moses Mulomba said on Friday the kwacha rebasing exercise has been a success since it was launched.

"We have offloaded K2.4 billion of the rebased currency and withdrawn K2.4 trillion of the old currency. Now so far, we have withdrawn 56 per cent of the old currency from circulation. So by half of this month, we have withdrawn half of what was there and by the end of June when the old currency will not be available for trading, we will have completed the exercise," he said.

Copyright © 2013 Zambia Reports. 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.