The Bank of Zambia (BoZ) has formed a committee called the Information Public and Awareness Committee to sensitize the public on the rebasing of the local currency.
BoZ Assistant Director for Banking, Fabian Hara, said the committee, which was formed under the project for rebasing of the kwacha, has also developed strategies that will educate the public on the process of rebasing.
Mr Hara said the committee has been going round to various places which include schools, universities and other institutions.
He added that the committee has also been meeting interest groups to explain the process which is expected to be implemented this year.
Mr Hara said this in an interview with ZANIS at the ongoing 55th Copperbelt Mining, Agriculture and Commercial in Kitwe.
The BoZ official has meanwhile explained that the rebasing of the Kwacha was taken after seeing the need to address costs associated with loss of thecurrency due to years of high inflations.
Mr Hara said the national currency had lost its value as a result of this high inflations rate.
He has further explained that the rebasing of the Kwacha will not have any impact on the price of goods and services in the country as businesses are only expected to remove the three zeros from the price but the value will still remain the same.
Mr Hara said the process is also neither expected to affect the value of saving nor the exchange rate.
Government announced the rebasing of the Kwacha which will see slashing of three zeros from all note meaning that the highest note. K50,000 will be K50.
Under the project, coins which stopped transacting in the 90’s, will be reintroduced in the country.
ZANIS
Great job PF and BOZ.
Tad bit late on sensitization.
This is just a sheer waste of tax payers money. What’s so technical about rebasing other than just telling people that the new currency of say K1 is K1000 the old and vice versa; K10,000 = K10 of the new. If you have K1000 of the old currency you get K1 of the new. Kwasila! Now what’s this committe nonsense all about. Just trying to complicate matters for nothing. I do not see any logic in this committee – just wasting money. I end here!
This is one move that I fully support.
This is just a useless and expensive project. They start by admitting that the action has no impact – but do not say the cost of the exercise. So, why do it? Making coins is expensive business! This is a very useless exercise.
You folks underestimate the intelligence of our citizenry .we do not need an education in knocking of a few zeros
A sensitization committee on Kwacha re-basing?? Come one guys we dont need that, its just a waste of money. Whats the reason for re-basing anyway?? Who was & is having difficulties with the current system?? The kwacha strength will be the same perhaps the intention is to force those who keep money in homes instead of banks to throw it back in circulation, i bet they all changed to dollars or other currencies. Just make a U turn & save us some money . By the way how was the committee selected and based on what?? I guess its more jobs and more money in selected individuals pockets so far, we wait our turn..
the rebasing the zambian kwacha may not mean alot for most critic mostly those in zambia,but for most of us in the diaspora,who have to explain the exchange rate,and have to defend the value of our currency due to the sound of its zeros,its necessary for people to be educated of this process as soon as possible,it will both mathamatical shift and a mental shift that needs to be prepared for,lets cooperate zambians,stop thinking partisan start thinking partrotism instead.not mmd,unip,pf but zambian.
the re basing the zambian kwacha may not mean alot for most critics mostly those in zambia,but for most of us in the diaspora,who have to explain the exchange rate,and have to defend the value of our currency due to the sound of its zeros,its necessary for people to be educated of this process as soon as possible,it will both bring a mathamatical shift and a mental shift that needs to be prepared for,lets cooperate zambians,stop thinking partisan start thinking partrotism instead,not mmd,unip,pf but zambian.
Please don’t comment foolishly if you don’t understand issues of Development,its easy to catch you, we are in a digital world,warning and be careful.