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Alba Iulia
Wednesday, August 12, 2020

SA company to mint new Zambian coins

Economy SA company to mint new Zambian coins

THE Bank of Zambia (BoZ) is this week expected to sign a contract with a South African mint company to produce the new coins.

Central bank deputy governor of operations, Bwalya Ng’andu says the new coins are expected to be delivered in December.

In an interview in Lusaka, Dr Ng’andu said a contract has been signed with GNB of Germany to print the new notes but could not give a tentative date as to when the rebased Kwacha notes will be delivered in the country by the producer.

“As soon as we have full agreement with printers, we will be able to provide you with an exact date when the new notes will be launched in the country. I don’t think that it would take a long time,” he said.

He however noted the anticipated challenge e distributing the new currency once the full agreement with the printers is signed.

He said the central bank’s planned time table is to have the new notes distributed before the onset of the rains as it poses some challenge due to poor infrastructure in rural areas.

Dr Ng’andu said the BoZ has in the past few months been holding meetings with members of the business community to sensitive them on the rebased Kwacha.

“We are recruiting a team of mass campaign experts who are not members of the central bank and are expected to sensitive the public on various concerns raised for the next three months,” he said.

The campaign team is expected to provide adequate information to the public on what is happening concerning the new currency.

He also said a special team within the central bank has been tasked to work with commercial banks on technological work that needs to be done as regard to rebasing of the currency.

[Zambia Daily mail]

42 COMMENTS

  1. this is confusing the other day Bank of Zambia were saying they will not bring back the coins….what is going on now in zambia.

  2. Pardon my ignorance. Besides vending machines, do we really need coins? I would be ok with rounding up to the next kwacha.

    • I am interested in buying One NGWEE, TWO NGWEE ,Five NGWEE, TEN NGWEE, Fifteen and Twenty NGWEE (1988 ) All. Please call +27799389040 for offer and arrangements.

  3. Are some of these coins worth the metal they’re made from? Just wondering because some countries have been minting coins that are worth more when smelted into reusable metal.

  4. Ain’t it funny .. The same south African company minting the 1 ngwee coins mines the copper from Zambia at a cheap price externalises the profits , smelts the metal to mint new 1 ngwee coins and turns around and sells the coins to us for a profit … What’s wrong with this picture .
    A fine example is the Canadian Government . They are soon to recal all the copper 1 cent coins in circulation , because they will no longer be used , they have realized it cost them 60% more to mint the coin than the value of the coin .
    We do not need the one ngwee coin . It’s not worth it , it’s a total waste of money .

  5. Kabudula Bamba, those coins are just a montage for this article; it has already been made known that 1 and 2 Ngwee coins will not be printed. Also, recall from a previous discussion on the alloy to be used. Copper is not part of the picture…

  6. Actually meant 1 and 2 Ngwee coins will not be minted! I don’t want to be like our journalists who write “sensitive” when they mean “sensitize”…

  7. @4, oranje91:

    You remind me of the debate that has been raging for years here in the USA concerning the need for a Penny (1 cent). Nonetheless, economists will tell you that to maintain a fair trading (business) system, smaller currency denominations (coins) are important.
    Consider this scenario: Imagine the smallest denomination in circulation is K1.00. And let as assume a piece of Candy only costs a total of 30 ngwee to produce. What do you think would be the fair market value of such a piece of Candy? Certainly not K1.00! But common sense will tell you that, most likely, retailers would peg the Candy at K1.00 since it is the smallest currency denomination available. A profit of more than 60%, and that wouldn’t be fair trade, would it? Hope this helps!

  8. THE REBASING OF A KWACHA IS A GOOD MOVE BUT THERE IS ONE THING WHICH THE GOVERNMENT HAS FAILED TO PUT IN PLACE. THAT IS THE LAW OF PRICE CONTROL. WITH OUT THIS LAW BUSINESS MEN WILL TAKE ADVANTAGE OF THE IGNORANCE OF CUSTOMERS TO APPROPRIATE PRICES IN RELATION WITH THE REBASED KWACHA.AS A RESULT BUSINESSMEN WILL BE STEALING FROM POOR CITIZENS. THE GOVERNMENT SHOULD DO SOMETHING OVER THIS MATTER BEFORE IT IS TOO LATE.

  9. #5. NO, ZAMBIA DOESN’T NEED COINS JUST LIKE IN AMERICA, UK GERMANY ETC DON’T USE COINS BECAUSE COINS ARE USELESS.

  10. THE GOOD OLD DAYS WHEN THE GLASS WAS MUCH GREENER!

    ### 18 … HAVE YOU BEEN TO  THE ABOVE NAMED COUNTRIES?? WHO TOLD YOU THEY DON’T USE COINS??

  11. Zambia should regret voting for the president who is not educated,everything is going on bad in this country.

  12. Yah, 25 comments only…more debate please I plagiarize. It’s an nice to sound smart…using other people’s ideas, especially when discussing current issues at the bar or with the old folks back home..

  13. A Zambian lady once told me a story, she said she came from the UK and showed him some £1 coins, the kid says “Mummy what’s that?” and she says “That’s money” and the kid laughs and says “Stop trying to fool around mum, that’s not money!”

    You are welcome to plagiarize that Fighton

  14. Prof mutale I don’t seem to agree with you that all the pf government is doing is bad, to say the least get involved and help sort out the misery. Polices are coming up well so far. Let’s give the pf the support

  15. Seriously speaking:::: Zambians must prepare for fake coins. South Africa is corrupt. Just like Zambia and Nigeria. Bank employees cash cheques knowing fully well they dont belong to whoever is cashing them. Dude Car licences abound. You declare your cash at the airport and you are followed to your destination. As for fake ID cards most Zambians in South Africa are beneficiaries and they know how they get them. All it needs is someone to have a plant who can be paid a R100,000 in the minting company and trillions of fake Kwacha will make its way to Zambia

  16. Sing with me: “Kaunda alilandile cacine, Kaunda alilandile cacine. Kukesa ndalama shamangwe, Kukesa ndalama shamangwe, Kwacha-ngwee na ma ngwee, Kwacha-ngwee na ma ngwee!”

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