The Bank of Zambia (BoZ) has received images of the new Zambian banknotes and coins from the printers and minters, Central Bank Governor, Michael Gondwe has announced.
Dr Gondwe, who announced this during a Press briefing in Lusaka yesterday, said the images would form the basis for sensitising the general public on the appearance of the new Zambian currency.
He said this would enable the citizens to be made aware of the appearance of the new currency well before it became legal tender.
He said the bank had restructured the banknotes and had introduced the K100 and K2 denominations to the rebased family.
Dr Gondwe said the two denominations would constitute the highest and lowest value banknotes, respectively.
He said the old K100, therefore, should not be confused with the new K100 which would be the highest denomination.
“The rest of the old banknotes will have an equivalent in the rebased currency, with the exception of the K20.
” It should also be noted that the value of the current K100 will be equivalent to the 10 ngwee coin in the new family after rebasing,” Dr Gondwe said.
He appealed to members of the public to be wary of any unscrupulous persons who may attempt to defraud innocent citizens of their money using the rebased notes.
He said the rebased currency comprises a family of six banknotes and four coins which include the old K50, 000 which would become K50, K20, 000 to K20, K10, 000 to K10 and K5, 000 to K5.
In addition, a K2 note would be introduced and has no equivalent in the existing currency.
The central bank has already announced January 1, 2013 as the date for the changeover from the existing to the rebased currency, meaning that the new currency would become legal tender from that date.
The bank issued technical guidelines on September 4, to key stakeholders and the general public, which were the basis upon which commercial banks and other stakeholders would conduct business before and during the rebasing exercise.
And Dr Gondwe said BoZ would next week commence a countrywide sensitisation campaign to prepare the general public for the eventual roll-out of the new currency.
[Times of Zambia]
1 Kwacha would make sense instead of 2 kwacha
the 1 kwacha will be there only that it will be in coins.When he says 2 kwacha the lowest notes he meant paper money wil start from 2 kwacha.Hope that helps.
@proudly Zambian thank you very much!
K1.00 would still make sense anyway. It’s confusing how one would decide to start from a K2.00 note. In many countries notes start from 1.
@sak mushondo Actually in the UK the coins start from 1p, 2p 5p 10p 20p 50p £1. We have no £1 banknote. It is a coin. Banknotes start from £5, £10, £20, £50.
You are right my dear. Why start with K2?
Even in Australia, the smallest note is a 5 dollar, before a 5 are 6 coins. 5cents, 10cents, 20cents,50cents,$1 and $2.
Yes ! The coins are back.I remember using a 50 ngwe and one kwacha coins when i was young.Am happy that my kids will now have the same opportunity of handling kwacha in coins.Brava bane !
I cant wait see and used our new currency (notes and coins)!!!!
thank God our country is improving ……I hope to come back and work there
I remember my parent gave me K 1,000,000 when coming to India, I knew i had enough to spend but once I exchanged into Rupees it was Rs 10000 which isn’t enough here. I’m really happy now that our currency changed……
keeping going high, then HIGHER!!!!!!!!!!!!!!!!!!!!!!!!!
at last now we can be proud of the ratings of our currency against the dollar even if i know that the value remains the same, but for me its of great profoundness here in russia to answer my lecture who like asking me how much our currency is against the dollar.
:d yes
Honestly me too. People have asked me the same question…
Me too!
I was feeling bad when I went to exchange money with my friends……
At that time our currency was lower… it is still low but better than before.
what about those in rural areas, what will happen cause people will be going there to
lie to them that K100 thousand is the same as k100 kwacha
Dont worry angel! We the bank of Zambia will educate them,besides will encourage villagers to transact in the new currency.So if a fool tries to get rich in that manner he will be the one to lose out cause the Farmer will give him the old K100 note in exchange to goods equivalent to the new K100 note(K100,000)!
The exchange rate does not really have any purchaing power meaning. So tell your lecturer to sober up and jsut concentrate on the pussy singers
Now the village & rural area are like big cities every one have knowledge & rather more knowledge.Of course some difficulties may arise,but this is the part of the game.
Gurur
Whwn people lie them this & that so people can ask the lier yes we belive on your words so please give all your money to this rate.
Still I belive the peoples are verysensable &should not becheated.
Moreover the B.O.Z.
have a new programmnation wide to educateall over Zamia about this new issue notes.GOOD LUCK
GURU
Even if you rebase Ill still be a billionaire.
So what?
13 ningwee bread na 7 ni ngwee milk mwakahola kasompe
Hehehehehe, stock exchange made easier… 1 Kwacha = 1 Pula. 1 Kwacha = 5 US Dollars
it must be 1 USD=5 ZMK
The only advantage about this exercise is ;people will stop boasting of being millionaires.
Its move by govt to reduce HH from a billionaire to a Millionaire. Kekekekeekkee
Ine impiya shandi mu Account takuli ukwikatako, kushileka fye filya fine. To hell with ur rebased kwacha…………Umbi tukaya lubulula mu court ine myebeko, especially ama commercial banks.
The same with me. I know I have 1 million kwacha in the bank. I will ask for the same figure in 2017.
hahahaha……sorry it won’t work….
\:d/\:d/:o:o KWACHANIZATION WOW
Good move
I don’t care what people say, this is more than just knocking off zeros… K1:$5 just like that? How much will Kw to SA rand be?
The same as it is now in value but you’ll use less visiblel kwacha to get it :)
Visible…
e.g. 1 Rand = 614 old kwacha = 0.61 new kwacha
But on the ground 0.61 buys you 614 worth of goods as that is its actual value. When we get used to it we will no longer think about the old value. It will take a while for people to get used to the feeling of getting paid ‘less’ and how cheap products appear in comparison. Will be good to let kids get to spin coins though :)
Mind you I don’t know the SA rate to dollar at the moment so the actual figures may differ as an equation as we are rebasing to the dollar.
rebusing yes&welcome, but personaly i will be pleased if the value is sustained against major currencies for a longer period not Zim dollar case. anyway lets wait and see.
Elo lwanya tukakwatapo 1 million ifwe
yeah if you work hard…its just the same…but without three zeros….
This is ok,it is all the same,economy will remain the same.
Love the move, can proudly compare with other regional currencies :} Rand,Shilling, Amafaranga, Francs, Birr???
People stole money alot and buried under houses. That is the target.
To: Governor Dr Gondwe
it will be nice to have k1 as well.
and since we already predict confusion between the current k100 and the new k100. To avoid this confusion while not delay the relase of the new while you remove the current k100 from circulation as a measure to protect some of our citizen you can be easily cheated. please!
@ Joe. Good point.
Dr Godwe
i meant why no delay the relase of the new k100 while you remove the old k100 from circulation. we can be using the new k50,k20,k10 etc in the meantime.
Sir,
it is not simple & easy as all the notes of this particuler deniminations are not in the countries some are abroad.Now as the intrenational tralve at its peack atleat10% of the money is always outside the country of all the denominations of all the nations.
the system to be adopted like the Eurozone while the notes are redeemd in the banks.
Still all the systems are not 100% foolproof.
Guru
Atlist, i used to quote everything in rands first
This is just bullshit…waste of money printing,the money could have be used for more pressing issuing! Labish!
rubbish not labish …..be proud that your country is improving …..
this a good start ok?????????
its ont but if u understand it that way…sorry better lucky the coming years.
3 ngwee milk 2 ngwee amabanshi. our favourite susu is back. good move ba pf. no more fake millionaires.
yah…..
yaba, so ine nakulafola K15,000 instead of K15,000,000. awe sure. from million to thousand
olo castle na mosi ni K5.5, yaba fikashupa ukwikatika. so kumupela 5 kawacha, wabikapo naka 5ngwee. fellaz buy ama wallet ayama zip in advance umwakusungila ma ngwee. kikikikikikikiki
where are the pictures of the new money?
Yes we are also eager to see the pictures of notes & coins how they look (a bride to be unvieled)
Guru
internet
My first boarding fee was K165, and many people dropped off from school. Now children pay millions.
Good move really. We are tired of the millions which do not make sense. Great move ba PF.
K5.00. to $1.00 there is no difference. Kwacha is still devalued.
The introduction of the new K100 note is good as the current K50,000 as highest denomination stopped making sense. It is true that the elderly will be confused and cheated over the new and old K100 notes. I have myself seen the image of new K100 it is very different from the current K100 note. LT why didn’t you attach pictures of the new currency? I understand Dr. Gondwe is the one unveiling these new notes, but believe it or not Zambians and Zambian businesses would like to start familiarising themselves with the appearance of their money. Businesses need to prepare for year end reporting in addition to the rebasing. It is imperative for all including critics to realise that this is reality! Chiwanangala # 24, DON’T WORRY, EVEN THE BOZ GOVERNOR WILL BE ARROUND K65,000 AS SALARY! LOL
vaupuba ala..!
Respect is needed plizzzz…Stop **** people
We used to buy flitters for 5 ngwee at school. Then suffer a lot of gasses in the stomach. You can imagine how many Bopal/Chinnobal gass leakages we used to experience in class after break.
Atleast i wil be one of the few millionares remaining.
THIS WILL REDUCE LIATO’S CASE BY A FACTOR OF 1000 DIVIDED INTO THE SENTENCE.
Dumb move. I hope the minted coin’s value will be worth more than their market value as metals
In Many cases it is true,But Zamia is rich in copper.Then metal coins are lasting many many years in compairasion with paper money. the previouly issued polymer notes were better.
In many countries when the change the paper money they donot change coins (the curencey remains strong)
Guru
Has anyone noticed that since K100 will be the highest denomination we are in actual sense introducing K100,000 equivalent. In the old currency the highest was K50,000. Is this an indication of a forseen inflation?
@silent spectator: Good point and question. I would like to think that the intention is still to ensure ‘pocketability’ while leaving the current status quo as is. I hope they will be dispensing the k100 sparingly, al US$ and Euro.
I am not a pessimist, but this is an exercise in futility. We should focus and concentrate on promoting potential areas of growth in the economy as opposed to making cosmetic changes. The kwacha rebasing project has no clear objective ladies and gentlemen. its a policy conceived as a consequence of the public rantings of the head of state.
Now that the notes and coins images are in, I guess milk has been spilled already and there is no going back. Okey fine! We go forward for now, but remember we are treating an economic malady with the wrong prescription ……….
my first salary in september 1989 was K930 then after two months with overtime it came to K1220,this is a good move of removing the 3 zeros
I am happy for our ngwees to come back. Tell us also how you will fix the prices of commodities?
Am a happy person to see that coins are now caming into play on the market. I beileve it will improve a lot of things on the market when it come to buying small items.
Ghana did it. so why not us? its the best way to go
We won African Cup, We have also change the money. Viva Zambia. My friends in S.A will never lough at me any more when i go to the bank
:) but still this hasn’t changed anything,coz we still have the same number of notes,actually we have now increased.hop its for the best.
It is great we welcome news currency ,coins & banknotes.
Specialy the colecters are happy
they will be more happier if some 5000 ieces of uncut sheets be issued(a limited edition for collectors @ fairprice.with specialpefix numbers.
guru
Yes We agree this.Let me introduce myself.
President Pakistan
national numismatic society
member I.B.NS(INTERNATIONAL BANKNOTES SOCIETY,MEMBER L.A.N.S.A & other numismatice society.
So we request as under.
Now most of the countries of the world
are issuing collecters series notes specimen notes & uncut sheet for reaserch,collectionas as a hobby.
As per my suggestion if the BOZ issue 5000 to 10000 uncut sheets of all the 6 denomination with a seprate prefix.suppose boz.12345678 to1234xxxx thus completing
about 5000 to10000 sheets & issue price about 100 to 150 us dollers of the each sheets.
this will even desenot involve the gold standerd behind.
we from the side of the socitey may guarentee toprchase about 2000 shetts (purely for hobbey & reaserch.
Your Excelency Dr. Gondwe.
Please grant your king consedration to issue uncut sheets as well with collecters series specimen banknotes & uncut sheets.
we guarentee to puchase about 2000 sheets of all the denominations
at the price set by B.O.Z.
Ali.S.S
President Pakkistan National Numismatic Society
Your Excelency Parden us for the misspelling it should be read as your kind (instead of your king) ALI
My private e-mail is [email protected] best regards.
ali
o.ok
Dr.Gowndwee .We Welcome the new currencey & coins & wish beterment in the system.then coins as well as should be nice to see,collect & in use.Still we have not seen the images of the banknotes & coins
we wish a sucess.
guru
Swietnie! W Zambii bedzie mniej zer! Dla przyk?adu 1 zloty = ok.1600 kwacza.Po 1 stycznia kwacza bedzie stanowila wartosc 1 PLN= 1,6 ZMW.
Poprawka. 1 PLN = ok.1700 ZMK.
\:d/ i hope Zambia aint going the same way that Zim has before otherwise its all Chaos
mhhhhhhhhh
If you really want to do something, you find a way.
finally our currency has changed……Thank GOD