The Bank of Zambia has commenced the process of procuring the rebased currency. Bank of Zambia head of Public Relations Kanguya Mayondi has disclosed in a statement to QFM that once the rebased currency is procured and delivered by the printers and minters,it will be issued to circulate side-by-side with the existing currency for a period of time.
Mr Mayondi has said that this is to allow for an orderly withdrawal of the existing currency.
He said that during the period over which the existing currency and the new currency will be circulating side-by-side,providers of goods and services will be required to display prices in both the existing and the new currencies.
He explained that for example if the price of a loaf of bread costs K3,500, the provider of bread will display the price of bread as K3.50 and K3,500.
Mr Kanguya said that the general public should continue using the existing bank notes in their daily transactions until such a time that the new currency is issued in circulation.
And the Bank of Zambia has clarified that the rebasing of the Kwacha does not change the value of the currency and the purchasing power.
A national currency is rebased due to the need to address costs associated with an accumulated loss in the value of a currency that undermines its basic function as a store of value, medium of exchange and measure of value.
The loss of value is typically as a result of high inflation rates over a prolonged period of time.
QFM
Thats great just waiting for the rebased Kwacha
Wonderful, now I can come and enjoy with my chipolopolo friends
Great leaders! Well-done boys! Oh and girls!
Any country that re bases their currencies are in a free fall economically
OOps I forgot we are talking about a third wold country whose average family lives on a $1Â
What petrifies me is that the majority of people here are actually embarrassing a clearly collusive subtle arrangement to sweeten the backwards public in embarrassing a terrible abasive action
If i had much love for Zambia I would vehemently revolt unlike all you who are obsequiously following the wind, but then again I am researching for my PHD have ACCA , CIMA and MBA I should know better, and I am only 28.
Thanks
Who gives a damn or shit?
Ok Computer.
why dont U just s.h.u.t the h.e.l.l up U dont know what you are talking about looser.
You r 28… meaning you don’t have any real experience, you are 95% theoretical. So we can not trust you. The millions theories you have studied should tested with a lot of different economic set-ups…
You have been 28 for too long! Are you a soccer player trying to outlast your usefulness by cheating?
Mushota certainly what point are u trying to make here?Or maybe you are just trying to boast…..? who doesn’t have what u have, don’t act like u are the only one, keep yo boasting away from here and discuss proper issues……get those degrees should come with descipline not bosting….mudala…be a proud zambian!
true that..she doesnt even have whatever she is claiming to have.. and you can tell straight up, thats not the way educated people behave as far as I know.
LT that not Kanguya looks like cephas from Zufiaw
#4 Mr president, don’t waste your energy responding to that attention seeking boy, don’t feed IT!!!Â
[-( pls change the photo
thats a good one uncle!!!!
Mushota, shut the F-up. Good move, work on that inflation promptly…
i we Mushota, keep yo ignorance away from the blog. who cares what u study or how old u r? its enuf that u said u have no love for yo mother country. u r a disgrace and i wonder wat that education of yoz has taught u…u r worse than my grandfather in village who never to school
Mushota are you a woman or a man, some bloggers address you as a SHE or a HE. And you need mental help before it’s too late. Don’t demean other peoples country. Zambia is my homeland no matter how much I enjoy abroad, theres no place like home.
We are not the first to rebase .Argentina did it why cant we did it !!!(ba zulu) but, agreed it will reguire financial displine as was with Argentina where now former colonialists are  flocking looking for jobs.
A LOT OF THINGS AMUSE ME. IF ONE USED TO GET K6,000,000.00 AS MONTHLY SALARY, IT WILL GET TO K6,000. 00. THIS IS SO FUNNY! I WAIT TO SEE THE DRAMA THAT WILL BE ON THE MARKETS. BUT I LIKE IT ALL. WE WILL NOW BE ABLE TO CHANGE A $1 AT A REASONABLE K5 RATHER THAN THE ABNORMAL K5,000 AGAISNT A SIMPLE $1. VIVA PF!!!
Well the conversion sounds so straight forward to Mr. Mayondi. Certainly, the conversion won`t be that easy for Mayondi`s grandfather in Chitokoloki who says milk in the neighborhood. Secondly, the whole strategy of rebasing the Kwacha by PF is just kicking the cane down the road. Productivity and competitiveness is the only genuine way of growing an economy. PF is just desparate and not smart!
Hopefully it create more value for the rural people to earn a man’s meat. I like the idea
Kachacha – Right on. It just provides an opportunity for some people to make money with the new minting contracts. And then the new notes will have KK’s, Kapwepwe’s, Nkumbula’s and Mwanawasa’s “heads’ for political mileage – none if any economic impact.
How do you know that?
Acca cima. They are just clubs which junior accountant join. No authors of cima acca books have done those courses. Check the list of all british accountant and see how many have done those club courses! And how come you don’t have a degree. Pha. Guess it online! And didn’t they teach you to avoid sam word in a sentence. You used embarresed twice. Go back to your can you remember and you will know wat am talking bout
Mushota, you should come to the United States. I am afraid with those vocational qualifications, the best job you can get here is flipping burgers at McDonald`s. Stop insulting the have-nots because one day you will need them. Don`t hide in the guise of blog names.
Will the prostitutes also know that the price has changed? Vizaleta ndeo ka
Will the prostitutes also know that the price has changed?
pipo ignore mushota otherwise he will get the attention he is seeking. In future the more you ignore his rants the he will look stupid.The best way to do away with such misplaced characters is to simply ignore there comments and concentrate on commenting on the subject matter.
Any coming to the subject it is a good idea and will definitely as long as the printing will target replacing of notes that are worn out so as to constrict the espenditure.Â
Manje palibe kuyenda na ngolo to carry vimakwacha popita kukamwa ka mosi…
#4 Mushota u used to much engrish 4 sum of us backward Zedians makin your point pointless. U r not Zambian u. Stay uko kwine ku UK or where ever u is and then u put your tuma list of degrees there, r u lookin for a Job, na ishupa pa UK. Hope the Kwacha will gain after rebasin. Like Mr. #14 says, Zambia needs 2 b productive and competitive and I know we are gettin there. Zambia’s economy is growing panono panono. Anyways wabe T Mushota leave us alone, we r enjoyin our third worldness … mxxxxm chik*la … bati ma guys, does that mean the ngwee is comin back?
#24 THERE IS NOTHING LIKE REGAINING AFTER REBASING. LIKE POLITICIANS CHANGE FROM ONE POLITICAL PARTY TO ANOTHER SO IS REBASING. ITS THE SAME OLD KWACHA BUT IN A DIFFERENT SUIT. ONLY THAT THE ZERO WILL BE SILENT, WITH KNEW FEATURES LIKE KAUNDA AND MWANAWASAS PORTRAITS.
Ok what about when it comes to banking? Are going to have to open a separate account for the new currency?
ITS THE SAME OLD KWACHA ONLY THAT THIS TIME AROUND LIKE A POLITICIAN ITS GOING TO CHANGE ITS SUIT. AND IT WILL SAY THINGS LIKE I WLL DO THIS AND THAT WITHIN 90 DAYS. BUT ALL IN ALL NOTHING WILL CHANGE. PRINTING COINS IS A COSTLY EXERCISE.
KWACHA WONT GAIN IN ACTUAL VALUE BUT PERCEPTUAL VALUE. THE LATTER IS IS ZAMBIANS LIKE. SILENT ZEROS. EG THE DOLLAR WILL COST ABOUT K5.20n. BUT IN REALITY ITS THE SAME OLD K5200.00. SO WHAT THERE TO BOAST ABOUT – GHANA, MOZAMBIQUE AND ARGENTINA DID IT, INCLUDING ZIMBABWE. BUT DID THERE ECONOMIES IMPROVE? NOT AT ALL. WHAT IMPROVE ECONOMIES IS PRODUCTIVE, INVESTMENT, GOOD GOVERNANCE ETC.
well said
Kamalasha, you are spot on! In fact, it’s great that you have picked a humble blog name for such sensible commentaries! Keep it up ya!
Ya Ba iyii ikali big up Ba PF amahule pa cockpit , alpha bar na pa east wing kundola yala cipa k100 fye elo short time Ni k10 yaba
MUSHOTA, MUSHOTA, MUSHOTA, IF YOU ARE THAT EDUCATED PLEASE HELP THE EURO GET OUT OF THE CRISIS… BE PRACTICAL. MY ADVICE TO YOU IS THAT, TEST YOUR THEORIES IN REAL INDUSTRY DON’T JUST GO TO SCHOOL AND THINK THAT, THE WAY IT IS IN THE BOOK IS HOW IT IS IN REAL TERMS. I AM SURE YOUR THE SAME PEOPLE WHO USED TO GIVE ADVICE TO PREVIOUS GOVERNMENT. NOW LOOK HOW MUCH MESS YOU ‘VE LEFT WITH…
Ba mushota ikaleni fye u have no identity,your claim about yo age and education are false you must be a frustrated hegoat/shegoat
Mushota used to be a bitch at tall trees, after a short time with a dude from denmark, he chose get her with. Plz she aint a big deal people, fyapa internet bane. All the is happening wth her is wishing she had thoz qualifications. Unfortunately dreams remains in dreamland. The nutshell is kaliule.
@ mushota, starnyoko. Banoko co gate muchinyo. Can LS block the strayed prostitute using akanyo to pay for her school fees in UK. Ur a a bed bug
@ mushota, starnyoko. Banoko colgate muchinyo. Can LS block the strayed prostitute using akanyo to pay for her school fees in UK. Ur a a bed bug
Its important to make this point very clear re-basing a currency does not mean that we have gained any economic millage. Usually one of the reasons a bank can do this is to combat hoarding. The MMD culprits must have stolen big bucks and hiding them somewhere but not in banks. The govt is probably trying to catch up with these people. But lets not forget that money can be laundered especially when corruption is a big factor. So this economic move is not going to benefit us in any way notable except that we might go back to using coins and carry few bank notes. So its nothing to really kill a fattened cow about!
Nevers Mu mba is a lia r and a mon ey lau ndering ma chine
Him and the de puty Mr Nz oya are ste aling tax pa yers money. They had fired Mr Tem bo beca use he knew about this sc am and was aga inst it. They also have a office slut , Caro lina Rod- riguez who is also abus ing the money. The Ottawa Zam bian mis sion are th ieves