The Bank of Zambia has advised members of the public to use coins for appropriate transactions and urgently report anyone found selling or destroying coins for any perceived extra value.
This follows reports that there are some unscrupulous people who are buying 50 Ngwee coins with the issue date 2013 from the public with a view to melt these for their alleged metal contents.
According to a statement issued to the media in Lusaka today by the Bank of Zambia Head of Communications, the intrinsic value of the four coins denominations currently in circulation, namely K1, 50n, 10n and 5n is far less than their face value as the coins are made of steel blanks which are electroplated.
The Bank of Zambia further cautioned the public that it is a criminal offence for one to destroy the currency and that anyone found committing this crime will be liable to a maximum of two years imprisonment.
Meanwhile, the bank of Zambia is this year commemorating its 50 years of existence since its establishment in August, 1964.
The golden jubilee, which is being commemorated under the them; ‘50 years of central Banking: Repositioning for the Future”, has a number of activities that have been lined up, which include a school quiz across all the ten provinces of Zambia.
The Central Bank said the quiz is meant to evaluate the level of knowledge that youths have on the role of the bank in the Zambian economy and on the operations of the bank as an institution.
The quiz’s preliminary contests are expected to commence on 15th September, 2014 in various provincial centers after which provincial representatives will compete in quarter finals in Ndola for the Northern region and in Lusaka for the Southern region, while the semi-finals will be held in Lusaka.
Bank of Zambia, that is a very poor approach to the matter.
Don’t warn these criminals. Just pounce on them and teach them never ever again to temper with our money.
What d you use to melt them?
Thanks
Poverty is the issue. People are being creative so they can feed their families. The government is not doing a good job putting money in people’s pockets. It is not acceptable but it is survival of the fatest.
…This is shocking to say the least….I can excuse those who were born after 1980 or so, but for Chikwanda and Gondwe and most of us remember very well this saga of melting coins in early 80s and late 80s…How then would the two ABC and Dr. MG allow the same sort after material to be used in the manufacturing of the dam coins..??…Do some of these leaders have Zambia and Zambians at heart when formulating contracts of whatever nature…??
bank of zambia should have used coal when making coins
Some i.d.i.o.t would have found emeralds in the coal-plated coins! Just look at how animals are mercilessly killed for their horns when all the dumb collectors need to do is wait for people to cut their nails and hair then collect the dam.n things!!
when coins are minted, the value that they carry should be more than the value one gets when they are melted, i wonder what approach the government used when the coins we minted.
That is always the case when the intrinsic value of a coin as a metal rises above its value as money. The solution is to change the components of the alloys used to make the coins!
I strongly believe perpetrators of this crime are foreigners who have taken advantage of the situation by using our nationals as a conduit. Drastic measures to curb this criminal activities should be taken to counter this problem to achieve timely response and avoid further damage of our image in the financial Sector.