7 August 2014

Zambia: BoZ to Honour Sata, Ex-Presidents

THE Bank of Zambia (BoZ) will honour President Michael Sata and all former Heads of State by incorporating their portraits on a commemorative banknote to be issued in October this year.

This is part of the Golden Jubilee celebrations to be held on October 24, 2014.

Central Bank Governor Michael Gondwe announced on Wednesday evening at the BoZ 50th Golden Jubilee gala dinner in Lusaka that the bank would honour President Sata, Dr Kenneth Kaunda, late Dr Frederick Chiluba, late Dr Levy Mwanawasa and Mr Rupiah Banda.

Zambia has had five Republican Presidents in the 50 years it has been independent, with Dr Kaunda as the first one having ruled from 1964 until 1991 when Dr Chiluba took over.

As third President, Dr Mwanawasa ruled Zambia from 2001 until his death in 2008 when Mr Banda took over. Mr Banda lost the elections to Mr Sata in 2011.

Dr Gondwe explained that the Central Bank would incorporate the portraits of Mr Sata and those of the four former Presidents on a commemorative bank note to be issued in celebration of Zambia's 50th Independence anniversary.

As part of 50th anniversary, the Central Bank on Wednesday launched a bimetallic coin with a face value of K50, bearing the portrait of President Sata.

"The coin bears the Coat of Arms which is Zambia's national symbol with the wording 'Zambia' and face value of K50 on the obverse side, while the reverse side bears the portrait of the incumbent President with the wording 'Bank of Zambia 50th anniversary' and the commemoration period 1964-2014," Dr Gondwe explained.

He said the coin symbolised the Central Bank's continued support to the national economy through the issuance of legal tender, as well as prudent monetary policy management.

The BoZ also launched a book titled, '50 years of Central Banking,' with Dr Gondwe urging interested parties to take keen interest and obtain the book or purchase the coin from BoZ offices in Ndola and Lusaka.

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