The Bank of Zambia (BOZ) has advised the nation not to panic over the old Kwacha currency note which ceases to be legal tender on 30th June, 2013.
BOZ Deputy Governor Bwalya Ng’andu says this is because the Central Bank has put in intermediary measures to address the issue.
He said it was for this reason that people especially those in rural area should not panic as the central bank has put in measures to address such situations.
He has advised the nation that the old kwacha notes will still be accepted for exchange with the new currency.
“Zambians should relax and exchange their money through commercial banks and other designated agents and therefore those still holding to their old kwacha should not transact using it but take it to the nearest bank or authorized agent and exchange it without any cost,” said Dr Ng’andu.
The BOZ Deputy Governor has also disclosed that the long awaited Statutory Instrument no, 55 is now out .
He has advised the media fraternity and other interested parties to check for it on the central bank’s website to enable them understand what it entails.
Dr Ng’andu said Statutory Instrument no. 55 will enable the central bank to monitor the liquidity levels in the country.
He also said that with the enactment of this Statutory Instrument, BOZ will be able to know the correct amount of money leaving and entering the country thereby controlling money laundering.
Dr Ng’andu further said Statutory Instrument no. 55 which replaces no. 32 will also enable BOZ to monitor what is happening on the market as well as to know business companies that are not tax compliant among other benefits of the instrument to the nation.
BOZ Corporate Public Relation Manager Kanguya Mayondi, Assistant Director, Currency Banking and Corporate Public Services Department, Angela Chileshe among others were the notable figures who attended the meeting at the Trade Fair grounds.
And Assistant Director, Currency Banking and Corporate Public Services Department Angela Chileshe disclosed that as of 26th June 2013, BOZ has withdrawn in circulation a total of K3.7 Trillion old currency which translates to 95.3 per cent and that only K182.5 Billion old currency is still in circulation.
Ms Chileshe however, said though it is not possible to withdraw all the old currency in circulation, the central bank will try be all means to make sure only negligible will remain in the hands of individuals and that will be due to other factors beyond the bank’s control.
She also brushed assertions that there is still more money in rural areas, saying BOZ had earlier received similar information about Nabwalya area as among those with more of such kind of money but it was discovered to the contrary as only KR 5,000 (K5 million) was collected from there.