THE Bank of Zambia (BoZ) has disclosed that printing, minting and delivery of banknotes and coins resulting from the rebasing of the Kwacha, is expected to commence in mid-May 2012 onwards.
BoZ deputy governor Bwalya Ng’andu said the Central bank will introduce the new notes and coins around the same period.
Dr Ng’andu was speaking at a sensitisation workshop for members of Parliament in Lusaka yesterday, on the rebasing of the Kwacha.
[pullquote]the central bank rebasing team has not considered including portraits of any eminent personalities on the new notes[/pullquote] Government announced the decision to rebase the Kwacha on January 23 this year and indicated that the exercise would be conducted within six months.
The BoZ Act number 43 of 1996 empowers the bank to, among other things, manage the national currency.
The idea of rebasing the Kwacha was initially conceived in 2003 when the current currency structure was implemented.
Dr Ng’andu said BoZ is expected to sign contracts with successful bidders next month.[pullquote][/pullquote]
He said in February, BoZ invited tenders to shortlist printers and minters and that the period March 23-28, 2012 is targeted for submission of bids, tender closure and opening of bids.
He said the approval of technical and financial proposals by the Zambia Public Procurement Authority (ZPPA) is scheduled to be done from April 5 to 11 this year.
Dr Ng’andu said the characteristics of the new banknotes will be communicated to the public once the tender has been awarded to the successful bidder.
“The success of the Kwacha rebasing exercise depends on the bank’s capacity to inform people about the change. BoZ has designed a communication strategy on currency rebasing that will allow for the carrying out of simultaneous spreading and education activities in different parts of the country, to all stakeholders and the general public,” Dr Ng’andu said.
He said all legal aspects pertaining to the Kwacha rebasing are currently being reviewed by the legal sub-committee of the rebasing project.
Dr Ng’andu said some of the laws to be affected by the rebasing of the Kwacha include those on pricing, wages and pension, among others.
“The board of directors of BoZ has delegated the implementation of the currency rebasing project to BoZ management for the successful implementation of the rebasing exercise. BoZ management has created structures to manage the currency rebasing exercise,” Dr Ng’andu said.
He said the structures include the BoZ governor who is patron, deputy governor of operations who is sponsor, a steering committee, project team and technical committees.
Others are legal, information and publicity and security and logistics committees.
And Dr Ng’andu said the central bank rebasing team has not considered including portraits of any eminent personalities on the new notes.
He said the rebasing team will choose the features once the successful bidding companies provide samples of the proposed notes and coins.
[Zambia Daily Mail]
Ukutemwa ukubuta ku z ata .ifyabupuba fye Mwe mafi aya ane
typical toilet cleaner in diaspora. try to use your toilet fees to get good education so that you stop positing such comments here.
Ignorance ibi i can clearly see from your comment that you don’t understand this topic. next time just keep quiet do not embarrass thyself
rebasing,is it changing any thing on our currency?economically wise?any benefits?value?
sometimes if u have nothing to comment just shutup. I can’t wait to see the new notes.
Ninshi walanda bwino. Some guys just hv big mouths for nothing. Kano nibo.
And you think GRZ should spend public money this way just so you can see the new notes? Pathetic.
I am sure by the time the new currency goes into circulation, the Kwacha would have lost it value considerably. And then our intelligent PF govt will tell us that we have worked hard and arrested the currency free fall! My foot!
Lets watch and see…
Why hould bidders propoe features on the new bank notes? It should be the sleepy members of parliament to do that sha…
hope you have budgeted for that, nice move though the solution is production, otherwise we are likely to go back to zimbabwe situation
I wonder if the new batch will include polymer notes.
hope the new notes wil have all the presidents on them from k.k to sata.
ok so its serious huh..? ok cool stuff rather than talkin about the BA64 non starter issue
What about HH? Include him on the new notes. There will be too many Bembas on the notes.
By the way, who is HH?
Kci ninshi tawaishiba icisungu? Obviously waliwa comprehension pa G12. Nabalanda ati no noses will appear anywhere iwe ati “there will be too many Bembas on the notes”? Finshi bakucita ababemba? Ikulike ngacakukalipa we?
this is not positive developpment to go home signing about. The core business of govt weathy its salt is to see that its currency is table and favouring local manufacturing and trading. At the moment this govt has it priorities up side down. This is a sure way to hiding the free fall of our currency, is it another Dochi kubeba…..lol
What did your uncle RB do to stabilise the currency? Does it mean you hv never heard about currency debasing and how it works? Wait for now and talk later if need will arise.
RB had his problems but he left the economy more sound than what the PF have done in 2 X 90 days. Single out the currency and you wont go further. This is expense is not necessary at all. We are just groping in the dark with this government.
You are forgiven for your ignorance but do some research on the subject then comment
This scam is not necesary at the moment, BOZ was quoted that this rebase will cost the nation more than US$200Million…Can Someone tell me, how many houses for Teachers, Nurses, Police Officers and Defence forces that can be built….What is our Priority…If this amount is put in a revolving fund account, how much more development can we see….honestly let try to compare the benefits of rebasing the kwacha and infrustructure development…Roads, schools, hospitals etc…
And the president refuses to eat a state dinner paid for by the Tswana people because Zambians are poor only to spend money unnecessarily like this. There’s no economic direction what so ever.
And the president refuses to eat a state dinner paid for by the Tswana people because Zambians are poor only to spend money unnecessarily like this. There’s no economic direction what so ever.
And the president refuses to eat a state dinner paid for by the Tswana people because Zambians are poor only to spend money unnecessarily like this. There’s no economic direction what so ever.
I wonder how accounting packages for payroll and pensions will be reviewed. For instance how will my pension be affected when I finally claim it because half the time I was contributing ZMK1,000,000each month then the other half I would have contributed ZMK 1,000 each month. Can someone be candid enough to explain to me?
Zizo your package will only contract in terms of figures. Otherwise it’s value will be maintained. Inflation rate will also be considered.
That’s one of the reasons for rebasing to make accounting much easier!
What has HH done or achieved to deserve to be on our country’s banknotes??? atase
#13 I am saying they include HH because if we have KK, Chiluba, Mwanawasa, Rupiah and Sata we are going to have cries of “Bemba Dominance” from a certain section of society and from the Zambia Watch Dog.
Mwanawasa wasnt a Bemba. RB is Ngoni. KK is not fully Bemba. Waku Malawi. So which Bemba dominance ba kci?
@ Kci
u litlle slut
whatever the politics economy is never strengthened by rebasing, zimbabwe a an example
Global citizen, read further. Ghana did that last year and it’s working quite well. 1 new Ghanaian cedi=0.57USD.
Congo DR did the same and they are doing better than us
This is a misplaced priority, surely we have areas where we can spend the money we want to use to print new new notes. Surely we have alot of areas especially the promises of job creation and other development areas. Having new notes which won’t even have any impact on our economy should not be made a priority. We should have dealt with all the other needy areas if we still have funds then deal with the printing of new notes. Come 2016 printing of new notes will not be an area we can use to gauge the PF government achievements. We need more money in our pockets and the action of printing new notes will not create an environment that will enable more money in our pockets. It is just a prestige that we have new notes thats all no economic benefit.
“the central bank rebasing team has not considered including potraits of any eminent personalities on the new notes.” I smell the decomposing and stinking rat of Donchi kubeba” here. Wait and see you will see the picture of Sata pinching his right ear on all the bank notes.
@kci, Foooooooooool u
There are 73 tribes in Zambia this childish nonproductive contribution to positive criticism for the good of the country is unbecoming and going out of hand. This BEMBA and TONGA or LOZI tribe thing should stop….. magalu imwe…. You might not see its effect now but you are contributing to the time boom mass of hatred that has been building slowly and dangerously among Zambians…PLEASE tapapata
This is true tribal issues are just foolishness lets talk about developing this nation especially as young ones
Well said my bro, tribalism has very bad consequences and if this continues, we’ll stay divided and backwards.One Zambia
@zizo my dear you dont have to worry about your contributions, will not be affected in no way. what will happen is if thus far you have contributed 25,000,000 we shall jst fase off the last three zeros and you will have 25,000 and this amount will still buy you anything of 25,000,000 cost
Ladies and gentlemen, lets have the potrait of KK. He is our founding father regardless of his past dictatorial reign and his little contribution to the nation. It should be done out of partrotism and principle. For those of you who have travelled outside Zambia, You can agree with me that the most popular Zambian president is KK. He is the first Zambian president and the symbol of our pride as a nation. Of course, we are not forgetting the other gallant men and women who fought tirelessly in the liberalisation struggle. China have chairman Mao, USA have George Washington to mention only a few.
We wont have those new notes. 16th april
People let’s be more responsible in our contributions. These tribal sentiments are very bad. Let’s think beyond the confines of our PCs and laptops.
I personally think they can put whoever they want on the new banknotes. It is already a country of extremely low standards. CHILUBA said it that time: no zambian is clean or big enough to be put on the money because the zambian money belongs to the whole country not just what him as president liked. But Sata has come back with Kaunda styles, completely alienating other parts of the country. How do you put back on the money somebody who was scrapped? What would qualify Sata to be put on Zambian currency? These are things which other tribes are compaining about. If you don’t listen in the end other tribes will leave Zambia. Tensions are high everywhere. The scale of selfishness is putting people off and ripping Zambia apart into pieces. I doubt Zambia will still be there by 2016.
Please please please dont do that useless fading plastic monies again. Twapapata
#23 – KK is YOUR founding father!!! That is not how other people see him nowadays. He was Zambia’s first President, but he was NOT the founding father. Many people were involved in the founding of Zambia. THat picture of Kaunda as founding father is a very naive picture promoted by chaps who are even too illiterate to read the history of the country. Of late, I think that even the whole notion of being ZAMBIAN is being put to test: what does it mean to be Zambian? Chiluba made a very intelligent point when he recommended to Parliarment in 2001 that Zambian money should carry pictures of national resources not an individual. And now it is as if the intelligent Chiluba has died and only fools and i.d.i.o.t.s are left behind and they want to put either Kaunda back or even Sata. WTF!!
come down no said they are putting faces lets wait and see the committee is yet to agree on that
Is this really necessary? If we can refuse to eat a state dinner that’s paid for by another country because our people are poor, is there economic value in spending public money this way?
@zipa thanx u far too kind. I strongly feel rebasing the currency is a positive move costly in the short term but very rewarding in the long run as far as international business is concerned. As of putting a face on the new note,aaah will leave that to debate; but this retarded tribalism issue is starting to piss me off. How does tribalism come into the story regarding rebasing the currency? I urge my country men to travel more, lets explore this beautiful country. U will be amased to find that this tribalism dogma is only propagated by the so called elite, the educated fools in the city. Lets get back to our roots, let us be tribal cousins….again.
I think its a good thing, having stayed in other african countries like SA I noticed how much value even a 50Cents coin has it makes things more interesting and logical aswel:-) excited
I think its a good thing, having stayed in other african countries like SA I noticed how much value even a 50Cents coin has it makes things more interesting and logical aswel:-) excited
Sibo SA has the economic strength to warrant its currency strength. Zambia has none that’s why it devalued to that level in the first place. Doing a simple reset like this will see the new currency or valuation spiral back in no time. This is messed up economic management and I see no hope soon.
Sibo some people are just favorish..
I think this is what you call misplaced piorities well more money for some people as kickbacks
“And Dr Ng’andu said the central bank rebasing team has not considered including portraits of any eminent personalities on the new notes”. Don’t be fooled brethren, this guy is one of the donchi kubeba and you can expect the opposite of what he say, more likely when you see the notes thye will bear MCS portrait.
@29,iam shocked with ur comments,how you can consider KK not to be a founding father of zambia.who signed the legal doc with queen?.we just worn the africa cup as a nation but it was championed by our boys including those on the bench.who made us win the cup,coach -renard but did he play the games?NO,he was the master planner or good organiser of the
team.KK did not found zambia alone but he was the coach,george washington did not found america but he was like KK.so why not honour him.get exposed to the real world ,not just reading books par zed.i hope u are not lozi or tonga.
some are purely sounding like kindergarten toddlers discussing were a baby comes from.. And they have conviced themselves that mummy and daddy just baught them from the hospital…ladies and Gentlemen upon shifting to yo new Position, you first clean up the mess of that office..clean what was being swept under the carpet…
This Govt has no program. SO WHAT that you are rebasing the bank notes. It will be good to see you tell us about inflation, interest rate and strengthen of Kwacha than rebasing of Kwacha.
:d:d:d:d:d:d:d:d:d\:d/:x/:):)>-[-(:):d:”>:((:x8-|
Introduction of inflation begins!
shiiiiiiiiiii!!!ni donchi kubeba….rebasing may affect FDI in one way oy another!!!
Personalities on new kwacha, it is better to put the portrait of our presidents who have gone to heaven.
This should be an annual event considering the level of inflation and constant devaluation of the Kwacha.
Every month of June should be the ‘rebasing month’, to chop of all the inconveniencing zeros. lol
This is more like Zimbabwe!
I totally agree with this statement: “And Dr Ng’andu said the central bank rebasing team has not considered including portraits of any eminent personalities on the new notes.” We certainly don’t need ugly portraits/ faces on our currency. All Zambian so-called eminent personalities/ figures have ugly faces that can easily scare a crow. We don’t want to start hiding our currency just because it carries someone’s ugly portrait/face. I end here!
There are so many problems that are being faced by zambians both in remote areas and in town. $200million pumped in an agriculture schemes in mumbezhi in northwestern province or mununga in luapula province can boost alot of peoples lives. There are so many people who came to town looking for jobs when these could easily be created wherever they came from. Are you telling me that there are no plans in the offing such as these? Lets be serious. We have a very serious problem at hand as Zambians. All we do is just insult one another over the web like spoiled little children. Our Govt needs serious advisers…..let us offer them good advice before they become tyrants just like MMD was.
Hello there, I discovered your website by way of Google whilst looking for a comparable matter, your web site came up, it looks good. I have added to favourites|added to bookmarks.