With only about one month before the rebased currency is introduced on the market, the Bank of Zambia has directed all business entities offering goods and services to the public to start the dual display of prices on December 1st to 31st 2012.
This is in a bid to promote common understanding among stakeholders about currency rebasing and how it will be conducted in the country.
Chairperson for the technical committee on Kwacha rebasing, Fabian Hara, told a media briefing in Lusaka today that the central bank issued technical guidelines in September 2012.
Mr. Hara, who is also Bank of Zambia Acting Director of Banking, Currency and Payment Systems, said all business entities should comply with the technical guidelines so that people can fully understand the process of rebasing.
He explained that the Bank of Zambia would also ensure that various stakeholders understand the rebasing exercise for it to be implemented smoothly.
He noted that one of the key areas covered in the guidelines is the dual display of prices for goods and service.
Mr. Hara said the main objective of the dual display of prices for goods and services was also to give an opportunity to the general public to familiarize themselves with price equivalence in the rebased currency.
He added that as provided for in the guidelines, the process of dual display of prices will be done in two phases.
He explained that phase one will start on 1st December 2012 and will go up to 31st December 2012 while phase two is expected to start during the transition period that from 1st January to 30th June 2013.
Mr. Hara said the first phase was optional while the second one will be mandatory adding that anyone who will be found wanting will be dealt with accordingly.
He disclosed that penalties have already been prescribed for merchants and entities that will fail to abide by the law.
He said during this period, an interim currency symbol (KR) will be introduced for purposes of displaying prices but will be temporary during the six months transition period for the rebased currency. Thereafter, the symbol KR will cease to be used in reference to the rebased currency.
He noted that effective from July 1st 2013, the rebased Kwacha will assume the symbol (K), adding that there was need therefore for business entities to begin the process of training their workers on how best to manage the various aspects of the currency rebasing.
He further called for concerted efforts from all stakeholders to educate the public across the country on the process of rebasing the currency and the dual price display.
ZANIS
Terrible look, I deal in pounds so that’s nonsense to me
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Iye hule iwe.Why comment then
You need a life young lady. And you need to stop trolling. where you neglected as a child???
Why do you keep coming to this site? Can’t you find some stupid Glasgow site on which you can spew your venom.
I believe this Mushota is not real, must be somebody playing around pretending they are abroad, coz i cannot think of any normal human being who is this Negative, i wonder if this person has values, you must have led a very sad lifestyle and it has affected your brains…Mushota if you are real, please read a lot and be informed. Zambia is currently in the top 10 fastest growing economies in the entire globe…Don’t be so negative. i mean i have read a constructive comment from you. The good life you think you are leaving is not permanent.
& u r candidate for a mental ward, u exhibit signs of a tormented childhood, most probably neglected and the black sheep in the family, also abused and molested by someone very close.this explains your insecurity and rejection of your own and taking pains to be appreciated and respected by qualifications(existing or not).
U need to check for psychiatric counseling otherwise your kind more than often end up suicidal
I am not lying, I don’t deal with Kwacha but pounds, I don’t understand why you are fuming
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It goes without saying that the Kwacha is not legal tender in the United Kingdom. Only the pound and in your case the Scottish pound is legal tender where you are. You do not reason like a person that has all those qualifications you boast about. Then again you could be an invention of ZWD to spice up the blogs.
But why do you people even give Mushota the time of day. you know its just someone making jokes behind a computer.Â
Sufferings from severe conditions and because you dont even see it it renders you most hopeless and chance for a normal happy life oblique and imaginary
W H O R E shut the fxxx up.
Senseless excercise
We lost capacity to implement projects a long time ago. It is sad that such an important exercise has been so badly handled.
For those of you that dont deal in Pounds, sorry. Just work hard and go to Scotland.
Nothing special about Scotland.IF you are making money in Zed,its paradise.
Even this exciting symbolic exercise, they have to threaten people? But these PF suckers? Why deal with people who decide to display in “old” fashion way? Customers will know the actual price anyway.
People knows the price of meal-meal its K65pin, but they still ask “Ba bluda, nishinga ubunga?”.
a scortish white slave vows never to go back. Why wast my energy for poor unlerberated scotland england colonel. And black refugee boasting. You come from poor village nowander you are lost
It serves a purpose for the common shopper so they do not get duped on pricing (increments) from stores or entities that might try to round off figures due to rebasing, which in some, currently state figures such as K9975 and whoever gets their K25 change?? all inclined to profits.Â
Let all consumers pay for what the value on goods and services are, period.
Great. Pound? Equally terrible and does not fit my pocket size wallet.
Please put Kaunda or Mwanawasa on this money. In SA, they started putting people. In Tz and Malawi there is someone. Can you follow suite?
Not necessary.
if they would put a face there, the owner of the face will start to think he’s WAMUYAYAYA.. wildlife pics is good. We’ve even had maize corn and groundnuts “monkey nuts” on the notes , Zed is NOT YET READY for another face.
Don’t encourage a cult of personality like in Gaddafi’s Libya or former Zaire.True democracies are built around institutions and not personalities.
DOES IT INCLUDE THE PROSTITUTES?
lol!!!!!!!!!!!!
chani baba!!
I am beginning to believe this Mushota is not real, must be somebody playing around pretending they are abroad, coz i cannot think of any normal human being who is this Negative, i wonder if this person has values, you must have led a very sad lifestyle and it has affected your brains…Mushota if you are real, please read a lot and be informed. Zambia is currently in the top 10 fastest growing economies in the entire globe…Don’t be so negative. i mean i have read a constructive comment from you. The good life you think you are leaving is not permanent, things of this world don’t last long my dear sister…
Why waste time on her? Are you new at LT? She likes joking n I enjoy her jokes anyways.
I like eating nshima and mulembwe in Zambia. So US$1 = K5.3 and US$1 = ZAR8.12?
You are already confused dull….
The new kwacha looks like the good old kwacha, only KK’s face is missing. I still have KK’s kwacha & ngwees from the time I left him as my president. Now am stuck with 15 pini from the present kwacha.
The notes are too big for me. I deal in Pounds. Meanwhile someone emailed my boyfriend (Nick) and told him about my dark past. I’m sorry for all my insults to people living in Zambia. I was hoping that you’d all see that I have been joking and that I’m just an ordinary struggling illegal immigrant….
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You dont sound like Mushota. Stop using her name. Have you starting learning 499 mentality in nigeria?
Ask her/him for the pic then you looser. No matter how you like her/him , using her name is not good.
No particular individual should be on the money. The features depicting Zambia’s nature; for me is enough.
You are the one who has been pretending to be mushota,now you sound like her brilliantÂ
13 Give it up, says a lot about an African living in Nigeria as diaspora
I don’t like black men, so stop copying me, and get a life
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Mushota you are not a briton and your rubbish comments will not change your origins.You are a Zambian by birth and nothing will change that whether you study Prostitution or not!
Is #13 Mushota the same #1 above Mushota before we accept that apology
What a shame they would not our first republican president on the notes…what political hatred does
I have never said I am not Zambian, I have said and i repeat. Although I am black outside and Zambian from outside insde of me I feel white, they say you are only as old as you feel, so IIt is the same with color, If I feel 20 then I should be accepted as 20 and If I feel white like I do, and feel British as I do then I have to be accepted.
You cant have one rule for the other and another for the other
I like Zambia but not in as much as wanting to live there, I mean if I had a choice I would trade my passport for a British ANYDAY as most of you here would right?
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Yes Mushota you are right. I also feel Chinese and should be accepted as chinese…lol . I have also changed my name from chanda to chang……
Choc Ice Mushota! You couldn’t make it up!
Ba Chikwanda balyapo.
If you continue fightin Mushota she will cancel her planned december trip to Zambia with Nick. The need the £€
Only a shallow minded person would oppoz Mushota’s vibrant and enlightened thinking. # 10 and 5 are dull and a total waste of time.
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Thank you Blessing, have a Blessed day
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Hahahaha Blessing you make me laugh, enjoy mushota while she is still lasting.
K1 is missing Sata!
It’s a coin mate.
Is your dad still a billionaire?
Has always been billionaire in £, these animal money can not change it.
Is there a requirement for traders not to return the current Kwacha to customers, but to give them change in the new currency once it is issued?
@11 stanley u a spot on, things of this world never last forever
Nimarubbish yeka yeka
Greetings I discovered your wetisbe by mistake when i was searching Live search for this subject, I must tell you your site is truly helpful I also like the layout, its great!
Kupusa, Chikwanda cannot even add one plus one, what economics does he know
at last I can proudly quote How much is 500 Euros in ZMK
Why has the flip side of 20k without the freedom statue like all the other notes?this is confusing.
Buy iPad you you are using cheap monitor it’s there !!!
Its better like this… The kwacha with nobody on…. Malawi has put something coz they dont think properly… I hope Zambia will not for suit…. Viva de la Zambie!!!!
Why the needless rush to re-base the kwacha? Some countries like Cuba and Vietnam have their currencies exchange at $US 1 = 20k+ of their Pesos and Dongs yet they ain’t spending a fortune to rebase.The average Vietnamese or Cuban is still way better off than a zedian with his re-based kwacha.
Pls those a wrong models to copy from did I read Cuba and Vietnam ? Â Stop going there we won’t donate money for your body back home!!!,!,!!,!,!,
I use credit cards & cheques, but for sake of comparison I got some cash back after buying that ka 5litres Heineken “drum”, with ka tap.
– Whoever designed US dollar mwaume you can’t beat that, if I compare with our Kwacha above…. maybe the colors are to hide the red dust from Southern Province.
Colonized to the bone, just enjoy USA my dear we can never reach there standard unless there economy is stagnant for 562 years.mwaume wa kuti we are proud with our animal money.
I am sure you will make lots of money from the penalty fees because most shop owners will fail to meet deadline.
I’m selling my house k2,9999,000,000.00 or KR2,999,000.00
I support rebasing though I will miss my “millionaire” status. Grand children wont understand what happened to our money.
Abena Mushota zoona…. i really feel embarrassed at your comments at times, you are such an attention seeker, so needy, did you grow up in an orphanage? even the money you brag about (yours and Nick’s) is peanuts..so if i had two briefcases one having 200 million kwacha and another having 5000 British Pounds, andasked you to choose one, would you go for Pounds….my dear , here is free wisdom from some one who is making “REAL” money and is very young, there is no such thing as ultimate currency only the magnitude of the ammount in question.
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