The Bank of Zambia has said that the planned re-basing of the Kwacha will not be effected this month as earlier projected. This is because the process of re-basing is complex and demands sufficient time to address issues involved.
Central Bank Head of Public Relations Kanguya Mayondi said that the bank will be meeting the printer and minter engaged to make the new currency.
Meanwhile, Mr Mayondi has advised the business community in the country to comply with the new law restricting the usage of U.S dollars in the transactions. He said the Central Bank is working with Law Enforcement agencies to implement the measure.
ZNBC’s Tamara Mhango reports from the on going Zambia International Trade Fair in Ndola that the regulator of banks and financial institutions in ready to prosecute erring firms. Mr Mayondi has also clarified that the hospitality industry has a certain window that allows them to quote in dollars because of the nature of their business.
Meanwhile, the Kwacha strengthened to its highest level in nearly two months , driven up by the new law restricting the usage of U.S dollars in the transactions. Commercial banks quoted the Kwacha at 5,110/5,160 to the dollar, compared to Friday’s close of 5,140. It traded at a session high of 5,105, a level last seen on May 11, when it traded at 5,080 to the dollar.
The new law has increased demand for the the Kwacha forcing some people to Kwacha into to convert their dollars to kwacha to be able to transact.
The new law came into force on May 18 and prohibits the use of foreign currency to buy domestic goods and services. Penalties include up to 10 years in jail. The policy was intended to limit the common practice of quoting goods and services, such as health and education, in dollars instead of kwacha.
Strongest level in 2 MONTHS, soon we will catch up with MMD levels bane….I have now even travelling more than the so called alabee.
Voice of the Experts. Its good that our Government is heading expert advice in many issues. I.e Constitution, windfall tax, barotse etc chwe chwe chikali chibababa
Hahahaha  CNP
The Engineer mulichikopooo you talk without reasoning or reading the development
Please learn to consult ,don’t just do things for the sake of doing. We are sick and tired of your U turns.
CNP should listen to the technocratsÂ
Worse government for sure. Stop dreaming guys ,start to work. CNP for sure
Another U-Turn….kwena, experts told you that re-basing of the Kwacha was an expensive venture that would actually lead to further de-valuation of the currency. Simply dropping zero does not add value. I will give you credit for at least slwoing down to listen to the experts. Learn to consult instead of flip flopping on every policy/decision you have made….you look foolish and clueless and that does not instill confidence in our leadership, economy and whatever else comes with it.
i dont read any U-turn here???
Please Note the rebasing was not a pf issue. it was started or planned way back in 2003 by Bank of Zambia. They chose to effect it now due to the low levels of inflation which is usually the best time to do it as was done by mozambique, ghana and many other countries. And it was goin to take over 2 yrs to be completely done. pls refer to boz on this. we shud research abit more before we just write and mislead
So all this time no one knew that the process is complex and that they needed sufficient time to demands time to address issues involved? Experiment!!!!!!!!!!!!
These are issues the country must be talking about & not about who is more handsome than the other or one’s dressing or style of hire cuts. Keep it up
I dont think it is because of a lot of things to do, its just that they are slow in the way they have been doing things. Looking at the time when they announced that they selected those to print the money and this time its too short a time. And the money involved to print, the transportation, the distribution of the currency and when to start using it. The time that is possibly is perhaps about September-December. Keeping in mind that these companies that have won the tenders also have other jobs to do for other countries. In terms of reprinting and other stuff.
LT allow me to beg your  indulgence  could you simplify the article as the majority of people by the contribution already posted either do not understanding what the article is saying and are not enlightened as some of us or they are just plain  ignorant and will need someone again like me to enlighten them
It is absurd and regrettable to see people yet again expose their ignorance before the world who have the unfortunate chance to be exposed to such incoherent spouting
.. and please do not reply to me.
Thank youÂ
you are dull
what indulgence do u wnat Mushota? Are u horny?
Mushota pls educate them
I think HH can bring economic sanity & progress in the country, looking at his coperate profile & what he has alright achieved in his personel capacity. Am just waiting for the time when Zambians realise this fact about HH.
Kayombo muliba puba. Running yo Tumtemba does not mean that you can run the country. Sata is a successful man in his life . he has businesses but you are saying he has failed to run the country.even yo so called HH he will not manage . How we wish Mazoka was alive. Ask wht he does for the community out of his wealthy
Kayombo, Just wait up to 2016 the Kwacha will have gained such that you will have forgotten about your HH being President.SATA is a hard working machine who has wisdom in his mind and not just insulting elderly people like your so called educated HH.
VIVA President SATA and PFÂ government.
tribalism is pathetic, baba
It looks like our current government are not sure where they are taking the country, So sad. I propose HH for Zambia. He developmentally focus & a coperate man & even socially balance & even mentally stable!
Alot of u-turns, a sign of lack of insights
Patience pay,let us gv the big man chance,natasha which part of india ar u based?
today u say 90days.
today u get appointed
2mrw fired
the others rishuffled
2mrw u say cum june2012 kwacha rembasing.
PF CNPs
too many fake promosies
Iwe … MMD is done  never coming back.
You think N Mumba stands a chance .. Not in your life time bane.
So it was all shadow-boxing? Why am I not surprised. These are master U-turners. Lets face it, the scope of work required to successfully re-base the kwacha to bring dividend to Zambia is beyond the capacity of the current Govt, and most certainly beyond the capacity of comprehension of our Head of State. Fact.
once again this was muted in 2003 by bank of zambia and honestly its a bank of zambia initiative
Bane do not just sit on your Arse and think it is easy to lead a country! For me it is better to make a U-Turn than let a wrong go on unstopped just because BASTARDS like you will say “why so many U-turns”. Let the big man make as many U turns as possible because when you are fine-tuning you move from positive to negative and back. By the way you shud also know that as a president he has employed people who are experts and these experts are advised by more experts on the ground, so even when this decision to postpone the rebasing may have been announced through proper consultations, you may not know cos you are empty heads bafikala!!!
Do British, American and other developed governments make that many U-turns you propose? May be its a matter of brains.
What another u-turn?Â
The down fall of a government starts when it stops listening…they will never learn.Â
Ati Head of Public Relations WILL, repeat, WILL be meeting the printer and minter.. WILL? I thought Govt had already consulted these people, months before this re-basing was even announced.. ahhhh! I give up… This govt surely doesn’t know what its doing. I feel another U-turn coming up
KaMushota what are you talking about. What have you been doing that has confused your grey matter? Anyway PaFwaka chaps thought everything can be done within 90 days time frame. Now it seems we have a lot of spill over from the 90 days dreams and hallucinations. RB now looks like an intellectual after all. I end here!
This is not a u-turn but a delayment. The BoZ just picked the printer and minter and are yet to put ink to paper for the contracts. The re-basing is on but delayed.
BANTUSTANS? At least you have been left with forums like this. All hope is still not lost? Wait CHIPIMO for 2016 and you’ll see that Hakaivotela Heka will never touch the House. SHAMEW!!! We’ll continue U-Turning for the next 20 years, unfortunately you are too small a clan to unseat the nation. DONCHI KUBEBA that we’ll U-Turn.
and when HH told them that it was not necessary..they called him names. hh told them the Exercise was going to be expensive for nothing.they said hh likes criticizing for nothing. now today ba CNP agree wih HH.He told them to concretrate on the fundementals.
This govt is surely for the pipo, they announce even dreams before parliament and the necessary portifolios sit. eshiii? I think the full dream is one dollar equal to one kwacha.
It is NOT a dream!!!! Once upon a time K2.00 was equivalent to ONE BRITISH POUND. Actually at that time, One Kwacha could buy several US Dollars (if I am not mistaken). So does this tell you bwana @fisenge? This dream can once again be reality! If you are too young to ever have lived the “DREAM”, please know that Zambia does not share a birthday with you. Ask the elders, they will clue you in what Zambia once was!
Wapya Baisa! I wish HH could also U-Turn and go back to the boardroom. Maybe he’ll save some shame.
@23 zambia is tired of voting for dunderheads. what we need is not about the clan but putting someone with brains is statehouse. forget your tribal politics. no one is interested in tribal politics.
How is it a U-turn? Has rebasing been cancelled? Indeed I wish HH could U-turn and join PF. It is important to learn to U-turn in life. If you don’t do so ninshi you are horribly incorrigible and dull!
Kanguya tell your bosses that they will be FIRED with immediate effect for missing a deadline. They must learn to work at the lightening speed of a King Cobra strike. They must always remember that they are no longer serving an easy going RB and his MMD. Shaa!
“postponed” this is the word we are getting used to now. FOI bill – postoned, re basing of kwacha – postponed, more money in your pocket – postponed, job creation – postponed, cutting on presidential travels – postponed, democracy – postponed, delivering of the promises – – postponed, soon it will include; life, freedom, breathing … some one to add ……..
# 12. you must read between the lines. I liked HH so much but he has just shown me who he really is. He must humbly pave way for another person who will drive the party to new levels. He has really messed up that party. We need people to tell him the truth.
Ba Bantustan Nyandule, the turn of events are making your stomachs start turning. Just wait after the PF budget has been implemented. You will start collapsing one by one from envy and biterness. Even your mongrel in diapers will sytop barking.
It is the zambian psyche that needs rebasing more than the kwacha itself.The zambian mindset is conditioned to expect easy things.
can Stay easy hotel in Lusaka remove the price billboard which states rooms for $ 109 and replace it with a kwacha one
Lets just conclude that this is one of the many things on PF’s false promises to win elections. Follow the leader. A snake in the grass .. :d
shocking you should report the ZMK strengthening against the dollar to silly matters to gainpolitical milage i can assure you give it a couple of days or maybe into next week it will start being funny again. for the bigger picture maybe give it July and the ZMK will sink back to the highs.
What does letting a currency FLOAT mean to you???? Does it mean it should stay static? Every currency in the world flactuates—-even the mighty Dollar!!!!!!!!!!!
I love Zambia more money in pockets leads to less money in our pockets by rebasing. we also want to move with truck loads puuuuhlease before you change dumwaaa…
I am always amazed by the critics of anything MCS and/or PF. Always rooting for the country to fail instead of develop. To concur with Krazyheaven, it’s actually far much better to realise a mistake and make a U-turn as opposed to willfully forging forward even in the face of danger, for the consequences are too great. Any human being who realises he/she made a mistake and makes a bold decision of changing by following another path is wise. The one that continues on the same path even in the face of danger as the MMD the last 20 years, more often than not will end up dying like the hyena in our proverbial sense. Moreover, it’s err is human.
ABENA ZAMBIA BALIKWATA INFERIORITY COMPLEX IYACIPESHA MANO. WHY SHOULD WE BE TRADING IN US DOLLAR CURRENCY WHEN WE HAVE OUR KWACHA. THE LAW THAT BANS PRICES BEING QUOTED IN DOLLARS IS MOST WELCOME.
PF, please never mind the dead-enders and frustrated critics. People who have nothing to contribute to the national debate other than divisive politics!
U-turn as many times as you need to!!! This will ensure that when policies are finally implemented, most kinks will have been flushed out already so we can get on with the business of moving the country forward than getting bogged down in half-baked policies.
I see no harm in postponing a process as important as launching a new re-based currency if issues unanticipated when this policy was announced have cropped up. Only a f00lish govt would want such an important exercise to be rushed just so they can be thought of as a WORKING GOVERNMENT. I guess this way of doing things would thrill non-entity political goons in the opposition.
wait a minute this is communism..so i see this is why kabimba came to china to meet the communist party eh?..why should u be arrested for using foreign currency? thats control people want to control your life like this? this is how communism starts..communism is demonic!!! shame on you guys!!! SATA will not leave his presidential seat in peace..that guy will regret being president!..he should ask Egyptian and Libyan former presidents.
Â
Some Africans are ugly,no wonder they need money to get girls.Mixing races is the only solution!
Thanks
very few tourists move with hard cash, these days people move with debit cards, credit cards, master cards etc, so this debate about use of dollars really does not hold water
This is why they call you CNP, how long have we been talking about the re-basing of the kwacha?? So all along you never analyzed the complexity and demands of the re-basing process, Now you are requesting for more time hence more pay for that ka re-basing committee You are just time & money wasters
VIVA failures
You are the tonga failures ,, you will choke with bitterness cos PF is in charge for another 3terms
Go to the tonga websites dear at least you interact with your bitter kind
yawning.next pls
We are a very unfortunate nation to have such people in Government. people who dont know what they are doing with to the economy of this country.
Good Move,thankyou./
Surely we should be told when the re-basing will be done. It is not enough to say that it will not be done this month and we should also be told how much this fruitless exercise has cost up to now. It would also be good for the govt to tell us when they will successfully fulfil at least one of their election promises because so far they have achieved a big fat zero unless you are part of the hegemonic Bemba elite.
Wow!It seems this government is a U-BOAT.GOD BLESS ZAMBIA.
Sorry did he say he is meetingbthe printers of the cash again… Ooh do these people do any project monitoring and evaluation and performance audit, when u set a project or task you must asses and give a time framme .I wonder if at all there is someone in state house running this country, may be and just may be , it’s time we tried HH.Â
gvment at work.Only a proudly Zambian will suport the move to ban the quoting of dollas on local transactions.If people rush to change there dollas into kwacha this will increase the demand for kwacha and hence strenghten the local currency.Zambians Zambians Zambians.
Just trust yourselves and do not trust other people than you trust yourselves. Why trust the dollar or pound at the expense of our Kwacha? Keep using the Kwacha in good times and in bad times. Kwacha is our national legal tender. if we the owners loose trust in our Kwacha foreigners will loose trust in our kwacha and ourselves with impunity. Let us stick with our kwacha. It will give us respect, trust and worthiness as a nation.
Well said, Viva Zambian Kwacha
diarrhoea of “no plans” is spreading even to BOZ
sport on number 53…………….Thats the way to go
Ze Battle iz lost way before ze Battle.
Well well, are we sure we dont want to trade in $s or we want to be in control of the trade? Uh
Problem is how to go back in time when this country was run by whites
Good move guys…lets wait and see whether the kwacha will keep on gaining against the dollar due to the ban of the dollar transaction.
The beuty of time is that it waits for nobody. PF time is going and pls start implementing some of these plans. The only worry is the fact that this change is again not backed by budgetary provision. May be wait till you have presented the 2013 to 2014 budget with the provision to take care of the cost implication of this change. By the way, PF you have been ten months in power, we are still expecting a lot from your govt in the remaining fours and two months, effectively in the next three years since the fourth year will be for politicking.