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.
Most people just throw them anyhow when they get them as change from Shoprite and other super market shops …
Does Shoprite even give 19 Ngwee or 5 Ngwee coins . The tellers pocket that
Charles Mbilika Jr kkkkk you maybe right…but previously they used to give
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 .
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.
These coins are very useless,,
Their value is meaningless in this economy
The coins are very useless. Very soon a K1 will be useless
Please, let’s keep the coins in circulation or we can deposit them at the bank if we don’t want to use them
Ackim Michelo it will cost more to actually go to the bank to make that deposit
Ackim Michelo LOL that is so true!
True there is need to put them back into circulation they have really been devalued by the public
Mwaka Chileleko devalued by the public???
Mwaka that’s a stupid lie.
Victor Chansa your stupid brain not mine
How many kgs of this metal do I need to buy one loaf of bread which is at K15?
Raphael Nyirenda it’s a workout just carrying them around.
I haven’t seen them the past 2 or years. Just assumed they were removed from circulation,as the cheapest goods in most shops is K1 or 50 ngwee
How can we have them when the foreign companies you entertain in Zambia can’t even give us coins for change?
Shoprite, Pick & Pay and other shops don’t give coins
We need a policy concerning that
El Elohe Desmond Dezyd and if we were to count the same coins we leave in these shops we would built housed by now..kkkk
Mutinta Limpo Mundia sana big time.
We are in problems
Kekekeke who de fvck is governor for Bank of Zambia?
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.
I have a bunch of them in my piggy bank.
People throw them…
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
Kikikikikiki. To buy what? Brainwashing really works. Even Bank of Zambia thinks the economy is ok and coins can still buy you something ??????
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.
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.
Can the biggest bill K100 buy a common man most basic food, mealie meal?
Provide AVM’s which can help exchange with notes!
If they had value they’d circulate without ukupatikisha
It’s of no value kaili,it can’t buy anything ??
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!!!
Collect a tonne of those copper alloy coins and you get $2000
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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