The Bank of Zambia (BoZ) announced plans to introduce a new series of banknotes and coins, comprising six denominations of each, which will be officially launched on March 31.
“This initiative, which was kick-started by the board’s approval in July 2021, reflects the bank’s commitment to providing currency that is secure, efficient, user-friendly and well-suited for everyday transactions,” Denny Kalyalya, governor of BoZ, said in a statement.
According to the statement, a new 500 Kwacha note (about 18 U.S. dollars), the note with the largest amount, will also be added.
The central bank chief said the new series of banknotes represents a significant step forward by combining cutting-edge design with advanced features to protect against counterfeiting and other threats to the integrity of the currency.
He said the minister of finance and national planning will soon issue a statutory instrument detailing the procedures for exchanging the old currency for the new series, adding that the statutory instrument will also specify the exchange period as well as the designated exchange points.
The central bank, he added, will launch a countrywide campaign to educate the public about the new currency.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
__________________________________________________________________________
FOLLOW INDEPENDENT PRESS:
WhatsApp CHANNEL
https://whatsapp.com/channel/0029VaAtNxX8fewmiFmN7N22
TWITTER (CLICK HERE)
https://twitter.com/IpIndependent
FACEBOOK (CLICK HERE)
https://web.facebook.com/ipindependent
YOUTUBE (CLICK HERE)
https://www.youtube.com/@ipindependent
Think your friends would be interested? Share this story!
