THE new Kwacha notes are durable and the people who are deliberately soiling them or subjecting them to harsh handling as way of proving their durability should immediately stop.
Bank of Zambia (BoZ) governor Michael Gondwe said in Ndola yesterday that it was important for members of the public to be mindful that all bank notes have limited lifespan which was largely determined by how the public handled them.
Dr Gondwe, said during the official opening of the Indo Zambia Bank, Ndola Jacaranda Mall Agency and the inauguration of the refurbished Ndola Branch, that BoZ had put in place a Clean Banknote Policy, which encourages the proper handling of bank notes.
“The Central Bank therefore, wishes to advise members of the public not to subject the banknotes to harsh handling or indeed experimentation. We expect that members of the public will ensure that banknotes are handled in a proper manner to preserve their lifespan,” he said.
He added that unlike banknotes, coins have a much longer lifespan and were convenient for lower value transactions and change purposes.
Dr Gondwe said the Central Bank increased the minimum capital requirement for banks to K520 billion and 104 billion for foreign and local banks respectively in its quest to ensure the financial sector played an active role in financing the productive sector of the economy.
Speaking earlier Indo Zambia Bank, managing director Shankardas Gupta said the bank was solid commanding strong financial fundamentals with high net worth, high capital adequacy ratio.
He said Indo Zambia’s total business mix was now in excess of KR 2.1 billion (US$4 billion), while the total deposits rose to KR 1.2 billion (US$2.3 billion) with the loans and advance portfolio crossing the level KR850 million (US$160 million).
“The success of Indo Zambia Bank can be attributed to our very strong parentage and valuable support of the governments of Zambia and India through the three shareholding banks of international repute.
“Together these shareholding banks impart unmatched strength to our bank as their combined balance sheet size is over US$200 billion,” Mr Gupta said.
He said apart from their strong network in India, they have a global branch network spread across 30 countries at all their major international financial centres of the world.
Indo Zambia Bank which was formed in 1984 by the governments of Zambia and India to step up modern banking and garner savings of the community and use the resources for social good now has 17 branches across the country, which will increase to 22 and four agencies soon.
Indo Zambia board chairperson Orlean Moyo said the Government’s maintaining and sustaining of stable macro-economic environment was responsible for the bank’s expansion programme and the current vibrancy being experienced by the Zambian economy.
New notes,old notes its the same poverty levels- although i read here on LT that poor people have big TV’s and small libraries(or non existent libraries) but rich people have small TV’s but big libraries….point being more work,less leisure will make Zambia better.
Another fool desperately trying to justify the defficiencies of his master,iwe we chifyashi, do you think these people who discovered the wearing out of those notes just teamed up and faked it, do they know each other? You know nothing baba because by the time you were being appointed governor Ukwa’s nephew bwalya n’gandu had already taken the bribe to award the tender to print that fake money so just shut up and don’t allow yourself to be used
Gondwe sensitize those marketeers who are fond of putting moneys in bras,chitenges & bombasas. The sweat is what is causing the notes to fade besides they are also of poor quality it must be said.
We all know while washing clothes you can accidentally soak the note(s) which are in the pocket(s) if you did not check thoroughly, the notes should be able to handle that kind of abuse
I miss Caleb,in all honesty,why would one start carrying out experiments on the new notes? Your notes are not durable period.
Harsh handling to prove a point?
So now everyone who uses money is bitter too?
Wow! Is this like testing airbags by bashing into a tree? Is that what people are doing to the currency, bwana Governor?
I believe, like fellow bloggers have indicated, accidental washing (without using harsh detergents – pun intended) or getting soaked to the wallet should just about keep the currency in good shape as expected… Anyhow, hopefully we get over this too and get on with life…
I hear of some *****s who are hammering the coins to see if they can bend, and then explaim that they are not strong enough!
Imwe naimwe ba Governor. Your money has just been in circulation for exactly one month. Honestly speaking, it is not durable. Check out your KR 5. Even the old K 5000 that has been in circulation for 10 years looks better than your 5 kwacha(one month old) Ask your selves, Why would one want to experiment with money? Poor quality. More Damage control from the governor. Period!
The Hons Winter Kabimba & Kennedy Sakeni syndrome of ‘PF and its government is right every time and the rest are wrong all the time’ has permeated all sectors with the BOZ being the recent victim. The first step in solving a problem or rectifying a mistake is to acknowledge its very existence. Mr. Governor there is a problem with the new notes, please attend to it. Who in their right frame of mind can wake up in the morning only to waste time experimenting on the durability of the new notes. People have better things to do
Imwe a Gondwe koyani uko natu ndalama twanu ba BOZ. We are the end users of this currency please listen to us when we speak. We are your clients, therefore when we lodge a complaint you are obliged to listen before you respond. The appropriate response from BoZ is to ask all those with faded or soiled bank notes to exchange them at the nearest commercial bank with the view of onward transmission to BoZ for evaluation of the same. One month is too short for BoZ to embark on the avenue of self defense. This is your period to monitor the performance of the new notes and journalize all the complaints with the view of discussing them in your monthly meetings and subsequently providing solutions. I am sure you have the defects liability period in your contract with the printers and minters.
It is very sad that in Zambia even the very educated officials refuse to admit their shortcomings and sincerely say sorry. Since when did Zambians subject their own bank notes to harsh handling? Ridiculous trash from the governor. This BOZ governor does not seem to realise that he would be highly regarded and respected if he appreciated the truthfulness of what the people are saying and say sorry. That is what they do in the Western world.
THOMAS DE RUE was the best money printing company.All these others companies are novices.
lame excuse..they are useless…change them to plastic..
i have never seen any note which is in a bad state so far. the money looks good. lets try to take care and not politicise non issues.
The main idea to purchase a blood pressure monitor is because you want a fast and accurate machine that you can easily operate at home. You want something that straps on and with a push of a button reads and finishes the reading in less than 3 minutes. That’s the standard you want to put up.