The Bank of Zambia (BoZ) has so far collected 97.4 percent of the old Kwacha currency from members of the public in the currency rebasing exercise.
BoZ Head of Public Relations Kanguya Mayondi told ZANIS today that only 2.6 percent is remaining to be collected from the public.
Mr. Mayondi said the Central bank faced a challenge to 100 percent currency collection target because of what he termed as ‘improper mindset’ of the people who are still keeping the old Kwacha notes.
He said the collection was conducted over a period of 10 months.
He said some people were allegedly keeping the old currency so that they too could show their children and grand children what they were using in the olden days.
Mr. Mayondi said this has frustrated the efforts of the Central bank to mop up the old currency from the public.
He said the bank has deployed its staff to rural areas to sensitize people on the need to take the old currency to the nearest commercial bank or Post Office because it was still a legal tender until December 31st, 2013.
The BoZ Head of Public Relations regretted that some people have continued to keep the old Kwacha notes in spite of massive sensitization campaign messages.
And Mr. Mayondi has encouraged Zambians to accept the use of coins so that they can be used in circulation.
He observed that for over two decades now, coins were not used in the country hence most of the people did not clear their psychology surrounding the coin usage as a legal tender when they were reintroduced this year.
In April this year, the Bank of Zambia offloaded 61,956,000 coins for trading on the Zambian market.
ZANIS
the rest is with liato. liato is still holding the ~3%.
Rebased a well undertaken project and effects on quality of Kwacha seen.Now for the coins there is little use for them apart from the low items mostly appealing to children
I will advise that Bank of Zambia through its partners promote the use of coins to avoid them being relegated in preference for higher denomination especially in the wake of increase in wage and salaries for many gov workers as rightly identitied through your communique recently;some inflationary pressure be it temporal or skyral.
Use of dispensers and other coin supporting methods of merchedasing
Jonathan
Start collecting K5 and K2 also! They have over-stayed and faded! My advice to BOZ convert everything into coins including K100, I will be happy that way.
The remmaining 2.6% ask Mr.Liato