New Kwacha Notes

Bank of Zambia (BOZ), Assistant Manager Talent and Resourcing Nelly Phiri says the bank has introduced new bank notes with improved features that will disadvantage counterfeit money launderers.

Ms Phiri said this when she paid a courtesy call on Lundazi District Commissioner’s (DC) office.

She said that BOZ is in the district to sensitize Banks, Business entities and the general public on the revised notes to avoid unscrupulous traders from swindling people with counterfeit notes.

And Lundazi DC, Janet Palukani said she is weary of visiting institutions that concentrate their programs within Lundazi town instead of extending to the rural parts of the district to benefit the masses.

Mrs Palukani said there is need for institutions like BOZ to roll out sensitization programs to other areas such as Lumezi, Chasefu and Mwase sub- centre, where there are massive potential business ventures and money exchange is done promptly.

And BOZ Safety and Armament Officer Luka Chiwowa said the hologram mark on the K100 has been removed and replaced with enhanced security thread appearing on all the new bank notes.

Mr Chiwowa said the bank has added a colour shifting feature from K10 note to a K100 which can be seen when you tilt it.

He added that the K2 and K5 new notes are already in circulation while the K10, K20 and K50 notes will start circulating by November 10, this year.

Meanwhile, Mr Chiwowa has emphasized that the old bank notes are still legal tender and will be used side by side with the new introduced bank notes until they phase out.

[Read 2,495 times, 1 reads today]

18 COMMENTS

  1. I hope this will be clear to the population. Do you know that the US$100 has different exchange rates in Zambian bureaus depending on how old they are? There is not even any display from the Federal Reserve Bank (or the Bank of Zambia) to confirm anything; just the arrogance of tellers and bureau owners. This is a nation that creates regulations on the fly and oversight does NOTHING to curb the nonsense. Just watch the space… it is a Kaponya’s paradise!!!

    15

    1
    • Just say you have printed more money due to the falling Kwacha to match the dollar which has strengthened. That is how Zimbabwe started down the inflation road that made everyone a Zim dollar trillionaire but which bank note was insufficent for a bus fare.

      20

      3
    • As I mentioned when the Kwacha started depreciating, it appears some elements have indeed been printing a lot of Kwacha, and trying to launder it through real estate purchases, and buying up huge amounts of US Dollars, depleting reserves. There was also inside knowledge of the Bank changing notes, hence the corrupt elements were getting rid of the ‘old’ Kwacha.

      This is the government you voted for citizens.

      Vote wisely next time.

      0

      1
  2. So they have printed New bank Notes in addition to those already in circulation. This is highly inflationary even though the Fiscus will gain Revenue thru Seignorage. They
    are travelling on the Road towards Hyperinflation. Muzaona.

    4

    1
  3. This is a burning economy. Printing more money just goes to show how bad things are in this economy. This was surely coming and watch what will happen with inflation. I hope BOZ didn’t do this out of pressure from the politicians. And I also hope that they have already put in measures to mitigate the inevitable rise in inflation.

    7

    1
  4. Deal and Zimba, they are replacing old notes not adding as you think.
    Read and digest before commenting and showing your ignorace.

    9

    7
    • “Mr Chiwowa has emphasized that the old bank notes are still legal tender and will be used side by side with the new introduced bank notes until they phase out.” until they phase out is pretty vague.

      0

      3
  5. Comment: wat of the old one are you going to quit or wat??? Coz still more they are not going to stop making the fake one and will think it’s old currency, yet it’s not… Take a dip breath!!!

    0

    0

Comments are closed.