Saturday, July 20, 2024

Bank of Zambia appeals for use of low -value coins


The Bank of Zambia has appealed to members of the public not to hold low-value coins but to put them back into circulation.

Bank of Zambia Public Relations Officer, Besnart Mwanza said people in possession of low-value coins such as 5 Ngwee and 10 Ngwees are encouraged to deposit them at any commercial bank or the central bank rather than holding them.

“The low-value coins have been released in circulation and are very useful but people see them of no value,” Ms. Mwanza said.

Ms. Mwanza said in a statement that 5 Ngwees and 10 Ngwees have been released in circulation though most people just keep them for unknown reasons.

After a random check at most chain stores in Ndola, management at the named stores who did not want to be identified told ZANIS that they do not have enough low-value coins to give customers as change accusing the Bank of Zambia of not releasing the low- value coins in circulation.

But Ms. Mwanza refuted the claims by chain stores and stated that the Bank of Zambia has been releasing enough low-value coins in circulation, 50 ngwees and K1 inclusive which she added commercial banks are at liberty to access.

“However for 5 ngwees and 10 ngwees, these have been released into circulation and most people just keep them and not use them,” she explained.

Meanwhile, Competition and Consumer Protection Commission (CCPC) Public Relations Officer, Rainford Mutabi said consumers are supposed to demand their change from any store no matter how small whenever expected, or pay the actual price of goods purchased.

“The question of which party loses or gains more during a transaction is quite clear that consumer suffers losses and retailers gain. Consumers are supposed to obtain value for their money,” Mr. Mutabi said.

He said that the Commission has already engaged the Central Bank on the matter.

Mr. Mutabi added that CCPC continues to carry out educational campaigns to encourage financial inclusion in the retail and financial sectors around the country.

And Phillip Chikonde a consumer said it is sad that chain stores fail to give 5 ngwees and 10 ngwees coins as the change to consumers yet they are asked to pay the full amount for the goods bought.

Mr. Chikonde suggested that the chain stores should knock off the coins from their prices or get the low-value coins from the central bank.


    • Lisa Liywali
      Trust me they don’t even 35 Ngwee they will keep .. now let’s sit back and do some crude mathematics .

      Let’s work on 25 Ngwee
      45 Shoprite outlets
      Each having just a modest 1000 customers per day
      By 30 days
      That’s a total of K337,500
      Per month being made by Shoprite tellers as a whole .

      In a year that is K4,050,000 being made just from those excess 25 ngwee we don’t get back from shoprite and trust me I am a victim of such over and over

      As yourself how many customers realistically does each shoprite get per day on an average with only 5 tills and 20 customers . Per till per hour that’s already 100 customers an hour
      12 hour sift .. that is 1200 per day using 5 tills ave 20 customers .

  1. Hoarding money in a home is barbaric and backwards. It impacts negatively on economy. What I do is put coins in my piggy bank and then every few months I take these coins to bank. I have bought all my children piggy banks too.

  2. Do these people live in the same Zambia like us? Only K1 coins are accepted in shops and the buses. Anything less is rejected. Why carry coins around that will not be spent.

  3. we can surely deposit the smaller denomination currencies, but you people will steal the bigger denomination currencies [ie withdraw through corruption] coma ni ma statements mu social media , the poor of the poorest have those coins but how do they know that you are encouraging them to deposit the coins. Pangono mu social trying to look as if she is in the 21st century and knows how to use ka computer or ka smart phone but behaving under the shadows like a barbarian oro ka savage. come to reality and face the fact you have ruined the lives of the ordinary Zambian and the country

  4. The same idiocy that was used to produce them is the same idiocy being used to make this appeal. What the hell are we supposed to buy using those coins and who will accept them? Who has time and strength to carry a bag of coins to deposit in a bank? Do we even have accounts?. Introducing coins was the “stupidest” decision to make in a dwindling and plunder-prone economy.

  5. Who doesn’t know why low-denomination coins aren’t circulating? Whn a currency is rapidly losing its store of value function, this always follows. It’s an economic law that has held for ages in all, I repeat all, countries that hv seen high inflation. We in Zambia cannot change that.

  6. Daylight robbery ppl you are entitled to your charge that’s your money. if they don’t give you your charge whatever the amount it is, Sue them especially those big cooperation company. they say every little charge helps in the long run!!!

  7. It’s called inflation baba. You should know better. As the purchasing value of the money declines, you require more bigger denominations of the currency for purchases – rendering the smaller ones unacceptable. Unless of course you go on to debase the currency or artificially re-value it. Which is where are possibly heading with what is going on with the currency rates.

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