THE Bank of Zambia (BoZ) has issued about KR2.4 Billion (K2.4 trillion) in circulation and has since withdrawn about K2.2 trillion (KR 2.2 billion) of the old currency.
BoZ currency rebasing project manager Morris Mulomba said the BoZ had managed to issue about KR2.4 Billion and had withdrawn 56 percent of the old currency.
Speaking in Lusaka yesterday during a press briefing, Mr Mulomba said BoZ now had all the rebased currency denominations in circulation.
He said people should not have the perception that there were some denominations missing in circulation.
“We have issued to the market about KR2.4 Billion in circulation and we have withdrawn K2.2 Trillion which is 56 percent of the old currency and we are hoping that by June we will be able to withdraw 90 per cent of the old currency,” Mr Mulomba said.
He said the Central Bank was experiencing a stable inflow of cash during the cash exchange period adding that the extended period for currency exchange had also contributed to this.
He said the bank had withdrawn K2.2 Trillion of the old currency which was 56 percent and was hoping to withdraw 90 percent by June this year.
He said the BoZ had visited all the provinces and had come up with a report that showed how the general public had received the currency rebasing.
Mr Mulomba said the report noted that the general public had accepted the new currency notes and had started using them saying most of the people appreciated the new notes.
He said most people had complained over the coins saying they were too small and could easily be lost.
“We visited all the provinces last week to see how people have received the new currency. We have come up with a report that shows that the new notes have been accepted by everyone, and we also think that more sensitisation is needed as some people still do not understand how to use the new notes,” he said.
He, however, said BoZ should come up with more sensitisation programmes so that those that still had problems with the new notes could understand.
Mr Mulomba said BoZ had not received any fraud case following the rebasing of the kwacha following a threat of having some counterfeit K100 note in circulation.
“We have not received any case of fraud following the rebasing of the kwacha, but there is a threat of having counterfeit K100 notes. We have seen some but we as BoZ are doing something about that,” he said
hope all these huge expenses will translate in an improved economy otherwise it won’t make any sense in the rebasing exercise.
we have wasted a year bickering on who is who in the party, who is the richest in the party, who is the most handsome in the party…. and so on at the expense of development.
now that you have rebased the kwacha, lets see you work for the betterment of us the poor who live on less than a dollar a day.
well sad, nothing to add to your complete hypothesis
said**
I TOTALLY AGREE WITH YOU BRO.. WALASA!!!!!!
I have K730,000, of the old currency what do I do?
I know the B Exchange here wont accept it and I have no intention of travelling to Zambia in the near future.
Thanks
Exchange with someone leaving that country for Zambia, they are plenty coming from that side to here
You have just confirmed our final fear….
….that you are a dunderhead.
Use it as toilet paper and save money.
why would a ´PHD holder´ well expose want keep K730000 in united kingdom imwe bantu?!..i would understand 50pin or hundred pin. now i agree, uli wole mwaiche, maybe keeped up from one of those dirty pubs in devil street, emmasdale and shipped to UK. Your muzungu man is very unlucky, i feel for him.
send it over to your languishing parents you selfish beach.
Keep the old note. Some bill [as in notes] may offer you more for them in the future.
mushota post through HDL to your poor relatives back home before you waste
Don’t fall for her trick. She doesn’t have any Kwacha. She’s just trying to divert your attention. Open your eyes.
Yaba KR100 ilepwa bwangu mulika beer
yaba… wandepula iwe! lol.
Mushota the self annointed saint at it again. You are so daft up not to know what to do with that small amount. Use your banking knowledge if at all you have to change it into the rebased or into any foreign currency.
POOR GIRL,SHE BRAGS SO MUCH BEING IN THE U.K. AND NOW SHE DOES NOT KNOW HOW TO CHANGE HER OLD KWACHA TO THE NEW REBASED ONES,I THOUGHT SHE BECAME VEY CLEVER BY FLIRTING AOUND WITH USELESS MUZUNGUS IN THE THE U.K.WHY ARE CRYING MUS30HTA FOR JUST 730,000 APPROX GB £100. I AM GOING TO ZAMBIA IN MARCH MAYBE I CAN JUST GIVE YOU YOUR 100 POUNDS IN EXCHANGE AND USE UP THE OLD KWACHAS WHEN I AM THERE. I FEEL SORRY FOR YOU MUSHOTA BECAUSE I THOUGHT MUCH CLEVER THAN OTHERS SINCE LIVING IN SCOTLAND.
ERROR CORRECTONS IT SHOULD READ I THOUGHT YOU WERE MUCH CLEVER
THE Bank of Zambia (BoZ) has issued about KR2.4 Billion (K2.4 trillion) in circulation and has since withdrawn about K2.2 trillion (KR 2.2 billion) of the old currency. BoZ how do you account for the 0.2 Billion? The difference between the Issuance ( Higher) and the withdrawals (Lower)? I though they ought to reconcile ……….
In any case a word of advice, please expedite the mopping process of the un-rebased currency for purposes of smoothing the monetary transactions ASAP.
I agree with u in totality,and again is the 56% representing the number of old notes or the amount(value) of money?i cant just reconcile.
You are very dull. Don’t you think the withdrawal is continuing and hence it will equate and maybe more than increase. The withdrawal is happening every day. Think before you write.
Good job BoZ but please now work the FX rate against major convertible currencies. We don’t want our new currency to be eaten up so soon.
Hi People….. plse don`t waste time to respond to Mushota`s boastful comments. The man is so dull that he doesn`t even think before he opens his month. Honestly, how can an educated perosn in the UK complain on where to take the K730,000.00 if at all he is in the UK. The man just bloggers within zambia in one of the gettos. And yet wants to show people that he is well educated and based in the dispora. Have been following his comments in the past and they are indeed not educative. Thanks.
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