The Opposition Zambia Direct Democracy Movement (ZDDM) has challenged the Bank of Zambia Governor to explain the source of the coins in circulation which are minted 1992 instead of the 2012 when the new rebased currency was launched.
ZDDM President Edwin Sakala stated that the injecting of bogus coins in circulation by the Bank of Zambia is tantamount to defrauding the Zambian populace.
In a walk-in interview to ZANIS, Mr Sakala, who had no such coin as evidence, alleged that members of the public have complained of the newly introduced coins as well as the notes which they say are also fading much quicker even than the old currency.
Mr Sakala has threatened to drag the Bank of Zambia to the Courts of Law for taking advantage of the Zambians and thinking they would trick them so easily.
And ZDDM vice president, Charles Kafumbo, wondered as to why the Bank of Zambia would carry out such an act, saying the fake coins in particular have even landed in the innocent Zambians without them knowing.
Mr Kafumbo accused the Bank of Zambia of offloading counterfeit coins into the country’s circulation.
When contacted for comment, BoZ Head of Public Relations, Kanguya Mayondi, challenged Mr Sakala to substantiate his accusations levelled against the Central Bank.
Mr Mayondi explained that the ZDDM president should understand that the old currency is still legal tender and is circulating along with the rebased currency until June 30 of this year.
The Bank of Zambia has set up to June 30 when the old currency, including coins, shall be phased out in circulation.
ZANIS
This is sad.
Hopeless oppostion. Picking on Coins of all things that afflict Zambia? Under 5s indeed!
Value wise bills have more value than coins but in manufacturing the two, coins cost more than bills
Next we’ll pick on you imbecile
this chap is invalid. how can you trivialise a concern that has a cost attached to it. And you assume a posture of grandeur on a subject you very well know little about. this internet must be combed.
Under 5’s will learn, geriatrics are to late for any learning.
BOZ what happening @ your offices?? First you gave us poor quality kwacha bills. That KR5 have faded it now looks like the K 5000 interms of age, now we have this error on the coins!! I wander the caliber & competence of people we are entrusting our money with
Start checking the meat there, too. Make sure it is beef! At the rate things are going in the world everything is now counterfeit.
You dont wanna know it could be dog meat
Actually last week we saw stacks and stacks of prepacked cuts of ‘beef’ being removed from shelves of one of the UK’s top super markets here in London. The situation is serious and reports show that most of the horse meat originates from suppliers in Romania.
the whole process was done in a hurry. i have coins that already are fading. i have not come across the 1992 though. US coins that are came back with years ago still look intact.
Pipo, even old coins are still legal tender. Its only that pipo had stoped using them but they are there and those are the ones you are seeing as printed in 1992. Don’t refuse them
As much as I agree that the case of counterfeit currency could be an issue, how could the gentleman embarrass himself by going to the press with no evidence to substantiate his concern. give us proof and we support u SIR! otherwise its mere speculation…
False alarm is justiciable. If rumor mongering goes unchecked, then a culture of impunity will be cultivated. The source of the falsehood regarding coins must apologize in the same conditions that the falsehood was propagated. That is what the rule of law is stands for. Why spread untrue stories? At least bar talk is laughable, not media channels. The media is a pillar of democracy, the cocktail bar is not.
Coins minted in 1992. Did we have coins then?
Wait a moment! Did we habe coins int he past tweenty something years? I never saw one. And if its there you may need a billion of them to buy one K. So which ones are boss going to buy???
Much as i recognise the gesture of goodwill from this ZDDM Edwin Sakala, I think what he’s done is embarrasing for an elderly person. I ve personally not seen a coin labeled 1992. The best he could have done is to go with such a coin otherwise we are thinking he’s day-dreaming, just like those of u commenting on the coast n bla bla bla of production of coins n paper money. mtsss… nigerian fyola.
This Sakala…. wanimvesa nsoni…… old coins/notes will become invalid after 30 June 2013…. unless they are from the 1960s, 1970s or even 1980s…
by the way mr. sakala, what is written on those 1992 coins, i mean the value….is it k1, 10ngwee or what….?