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Alba Iulia
Tuesday, October 5, 2021

There is an Unprecedented Rise in Demand for Cash Countrywide, Use Digital Financial Services- Bank of Zambia

Headlines There is an Unprecedented Rise in Demand for Cash Countrywide, Use...

THE Bank of Zambia (BOZ) has said that the unprecedented rise in demand for Cash countrywide during the past few months has led to the shortage of banknotes and coins being experienced countrywide.

In a statement made available to the media, the BoZ said that in collaboration with the commercial banks, measures have been put in place to ensure that there are enough banknotes and coins in circulation throughout the country.

The Bank advised Zambians to use digital financial services in conducting their transactions during this period.

Below is the full statement

14 COMMENTS

  1. flag Corruption scandals: 48 Houses Social Security Cash Luxury Presidential Jet Ambulances Fire Trucks Mukula Trees Ndola-Lusaka Rd Malawi Maizegate Fuelgate Swaziland landgate Zesco Loans Honeybee

    You guys at BOZ, what a hollow statement. Please explain what is causing the unprecedented demand for bank notes now compared to previous years? Also why would demand for cash cause shortages in bank notes if people are transacting the same notes?
    The only thing that can cause shortages of notes is hording it and stashing it away. Check social media videos (fake or not) and see for yourself how PF Kaponya have stashed away notes.
    Just issue a statement and announce you would be changing bank notes and witness the panic of trying to dispose off the same notes.

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  2. Besnat please this type of half baked statements should have been left in Lazy Lungu’s PF regime…when Covid-19 was at its highest the PF leaders were busy handing out K100 notes today went the covid-19 numbers are low you are encouraging digital banking. You are simply alarming the people to further hold on to currency.

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  3. Signs that the economy is on the upswing with HH having brought investor confidence unlike the moribund 10yrs of rotten PF reign.

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  4. I had a discussion with a friend this morning. I asked him why his shop was looking empty and he told me that he was scared of ordering goods for sale as there was speculation that things will get cheaper. He is worried of making a loss. I know he does not have a bank account. How many business men and women are thinking like him and holding on to cash. There was also a fake rumour that one mobile money provider was leaving the country. A lot of people in my village went to withdraw everything from this provider and have failed to trust another provider. They are keeping cash in homes. I had a hard time explaining to my mother not to close the account. My suggestion is that the government should explain and sure people that no mobile money provider will close.

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  5. Tarino Ois right. Such statements, far from helping you and me, actually alarm the nation and even encourage currency hoarders to hold on to their buried banknotes. For example, I was not even aware we had such a problem in the country. Sometimes, it is better to be quiet than to say something. It would have been a different thing if the public was being warned about the existence of fake notes in circulation, then, and only then, would such a statement be appreciated.

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  6. Soiled notes, damaged notes etc have not been replaced in a while since the last printing of new currency was done some few years ago that’s why there is no cash available.

  7. Cash was being held outside the banking system in USD$ for savings, speculation or laundering. Now that the Kwacha is strengthening there is panic and the large collections of USD$ is being converted into kwacha therefore more people are now holding Kwacha ….

  8. There are a lot of hardware shops refusing swiping citing exorbitant bank charges. BOZ need to regulate the banks they are stealing our hard-earned money

Comments are closed.

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