The Bank of Zambia has proposed that December 31 2012 be declared a Bank Holiday to allow for the smooth transition into the rebased Kwacha.
BOZ Head of Public Relations Kanguya Mayondi told a media briefing in Lusaka that the central bank has proposed to the Ministry of Finance to effect the necessary statutory instrument to have December 31 declared a public holiday.
Mr. Mayondi said the banks will not offer regular banking services on December 31 exccept for ATM based transactions.
He said this is an effort to ensure that the change over to the new currency is smooth.
Mr. Mayondi also revealed that the rebased kwacha notes and coins will be arriving in the country next month.
He said the central bank is ready to launch the rebased kwacha and that printing and minting of the currency is going on well.
why does the country have to come to a standstill? please kindly help me understand
That will be nice and well thought idea. I can’t wait to visit Zambia and be able to use those notes with 1 or 2 zeros. Sooner than later, the kwacha will appreciate and gain the people’s confidence. Like it is in Malawi, South Africa and other Countries. Viva Sata and the PF Gov’t.
rubbish.you shud have used that money to improve urgent things like health service.how many MRI SCAN or CT SCAN you can buy from that money used to print .CNP
walanda bwino, walasa.
2013 new currency .. Job well done .. promise fulfiled .. No more carrying too much paper money to buy a loaf of bread. Hopeful K2 will do :)
it was started in 2003 it is not PF who started . wiseup niga.
How is the exchange between the old and new currency going to be handled to avoid possible overcrowding and confusion at commercial banks?
Secondly, what mechanism has been put in place to protect ordinary customers from unscrupulous marketeers and retailers in general who are likely to cash in on price adjustments?
ridiculous. This transition is viable without it being a holiday.
The costs of this artificial dressing up of the kwacha could’ve built a few schools.Afterall countries like Vietnam got an exchange of 1 dollar to 20,000,Bolivia has 1 dollar to 7000 and 1 US dollar =25000 Cuban pesos yet these countries aren’t in a hurry to do cosmetic changes like zambia.Make the economy better with improved earnings and livelyhoods before you rush for cosmetic changes.
I can bet you that the average Vietnamese person is better off than a zambian even though their exchange rate is worse than ZMK vs US dollar.This cosmetic revaluation is just designed to fool uninformed zambians.
Thank you for your information. I feel better now. No, seriously?
Those with money under their pillows should open bank accounts now and deposit their cash for the changeover not to impact them adversely.
I don’t see the logic in this. So, it’s a public holiday and the banks won’t open, how is that going to help in the smooth transition?
For your information, many people will be out drinking on this day and will wake up the next morning thinking they need to rush to the bank. How relevant is it to make this a public holiday?
The explanaition given is a lame excuse. I mean, it’s clear that, even if you have old notes, you can still use them for the remainder of the year. What’s the impending panic all about?
I do like the new notes byt the way. Can’t wait to see how coin usage is going to go. Yaba, manje people will be demanding change unlike now where, ypou just round it off to the nearest kwacha. January will be fun in Zambia.
Good game by the way ZAMBIA oyeeeeeee.
The rebasing was planed in 2003 it is not PF’s planing.
Yeah, we know…so?
Worthless currency from a country swimming in dust and dirty,trash filled streets.If we zambians can’t manage simple street cleanliness and order how are we to overcome the more daunting task of economic liberation and a worhty world traded currency? Soon the exchange rate of this new currency will be looking as rundown as our filthy streets.
Nice
LOL And they call it that a Bank Holiday..you mean these guys can’t chew and walk at the same time…only in Zambia.Â
#12 Mzambia wa zamani, acha ujeuri huo. Fanya uamzi urudi nyumbani ili utuelimishe sisi tulio gizani. Nyumbani ni nyumbani, kwa baba yako ni kwako…rudi matimila
Kwani usipoweza kuweka usafi utawezaje mambo hayo mengine magumu zaidi?I’m just stating a fact,life begins with conquering the basics first.
#15 we don’t understand Swahili. what are saying? For BOZ, i don’t see the logic in having a bank holiday. why do we have everything come to a stand still in zambia? Leave the work to compentent people to handle. KK changed the currency and theire was no public holiday. Maybe you were too you to know.
the normal bank hoilday in other countries is 26th december……….
Useless holiday. It will still be a holiday even if it was not declared. Most companies work half day on 31st December and the morning is spent literally doing nothing. For companies that have 31st December as year end accounting and other relevant staff will still work late until midnight.
So they want a bank holiday on the 31 st and 1st is new years so we are talking 2. Days holiday we really are progressing per zed
too much of holidays we take us back wards, we can have a day we can recognize it but not being a holiday.
JESUS HOLY CHRUST, this crap should have been on going say a week before 31 dec to allow forward planner en those with cash of no immediate use withdraw for later us and 31 only been the official rebasement day, like USA voting started wks before the actual election day,
Hi, just wanted to say i liked this article.