The Bank of Zambia has advised members of the public to use coins for appropriate transactions and urgently report anyone found selling or destroying coins for any perceived extra value.
This follows reports that there are some unscrupulous people who are buying 50 Ngwee coins with the issue date 2013 from the public with a view to melt these for their alleged metal contents.
According to a statement issued to ZANIS in Lusaka today by the Bank of Zambia Head of Communications, the intrinsic value of the four coins denominations currently in circulation, namely K1, 50n, 10n and 5n is far less than their face value as the coins are made of steel blanks which are electroplated.
The Bank of Zambia further cautioned the public that it is a criminal offence for one to destroy the currency and that anyone found committing this crime will be liable to a maximum of two years imprisonment.
Meanwhile, the bank of Zambia is this year commemorating its 50 years of existence since its establishment in August, 1964.
The golden jubilee, which is being commemorated under the them; ‘50 years of central Banking: Repositioning for the Future”, has a number of activities that have been lined up, which include a school quiz across all the ten provinces of Zambia.
The Central Bank said the quiz is meant to evaluate the level of knowledge that youths have on the role of the bank in the Zambian economy and on the operations of the bank as an institution.
The quiz’s preliminary contests are expected to commence on 15th September, 2014 in various provincial centers after which provincial representatives will compete in quarter finals in Ndola for the Northern region and in Lusaka for the Southern region, while the semi-finals will be held in Lusaka.
This is ridiculous. How can one buy a 10n coin at K 50 in order to melt it to get gold of much more value. It shows some people don’t reason properly, its like manufacturing a car worthy K 400,000 and yet its engine alone costs K 1 million. It doesn’t make sense.
that’s why you are called dunderheads
Country of dunderheads lead by a dunderhead
#2 Dedo, iwe ***! are you zambian???? how can you call your own people duderheads when the same blood courses through your veins? Do you know that when people are desperate they will believe anything? you have luxury of speaking from australia or whether the hell you are and dont know the first thing about the suffering of the ordinary man; poverty has spawned confidence tricksters that scam people daily , not because people want to get rich quick ( thats for the politicans and dont get me started on that…) but they need to survive. Sure the gullible people that get duped are desperate and may not know much, but to generalise and call us a country of dundeheads is more than i can take; iwe ***!!!!!!! Lets see where they bury your stinking carcass!