BOZ ANNOUNCES INTRODUCTION SIX NEW BANK NOTES AND COINS
……a new family of the Zambian currency will be launched on March 31, 2025
Lusaka… Monday February 11, 2025 (SMART EAGLES)
The Bank of Zambia (BoZ) has announced the introduction of a new family of the Zambian currency to be launched on March 31, 2025.
BoZ Governor Dr Denny Kalyalya says the new currency family consists of six banknotes (K500, K200, K100, K50, K20, and K10), and six coins (K5, K2, K1,50N, 10N, and 5N).
“The new family of the Zambian currency, consisting, of six banknotes (K500, K200, K100, K50, K20, and K10), and six coins (K5, K2, K1,50N, 10N, and 5N) will be launched on March 31, 2025. The introduction of the new family of the Zambian currency is pursuant to Section 17(1) of the BoZ Act, 2022,” said Dr. Kalyalya in a notice seen by Smart Eagles.
“The alpha code (ZMW), the numeric code (967), and the currency symbol (K) will remain unchanged. As will be the value. The design of the new currency draws inspiration from the country’s rich heritage, featuring elements that celebrate our unique flora and fauna, and breathtaking waterfalls.”
He said this initiative, which was kick-started by the Board approval in July 2021, reflects the Bank’s commitment to providing currency that is secure, efficient, user-friendly, and well-suited for everyday transactions.
“The Minister of Finance and National Planning will soon issue a Statutory Instrument (SI) detailing the procedures for exchanging the old currency for the new. The SI will also specify the exchange period as well as the designated exchange points across the country where the public can exchange their old currency for the new currency,” he added.
“To facilitate this change, the Bank will launch a country-wide sensitisation campaign to educate the public about the new currency so that everyone understands and becomes familiar with its features. Members of the public are encouraged to continue using the existing banknotes and coins, which remain legal tender until the time to be specified in the SI.”
The BoZ boss has apologized for the current poor state of the banknotes.
He said with the introduction of the new currency, this should soon be a thing of the past.
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