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.
#SmartEagles2025
Ukupena kwatampa. Someone’s failures are so palpable.
Like we have money to waste.
Maybe he thinks this will win him elections in 2026?
Maybe he thinks this new Kwacha will be one to one with the USD?
Maybe he is not thinking at all.
Reject tribalism, corruption and oppression.
Vote like they do in Southern province.
Vote wisely in 2026.
Bravo, BOZ,
We want to see , The Thieves,who have hidden and stached, their stolen Loot, will use their now useless old Kwacha..
4 years later?
You people are geniuses for sure!
He is very good at closing the stable after all the horses have bolted. And his dull followers call him a god.
Vote like they do in Southern province.
Vote wisely in 2026.
Basterd
PF thieves now in trouble
Lungu and his thugs, one yah nom bah
This is fwaka,devaluation of currency,dull governor!why didn’t you just change the currency without adding those big note like k500 and k200 because you fully understand the negative impact of bigger notes.why are most Africa leaders dull?
“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.
Just this statement alone makes me believe that HH is a genius. They (UPND GOVT) kept all quiet about the development until now, 3 and half years later. A very smart move because all people with looted billions of Kwacha will have to declare the source of such funds when exchanging for the new currency. Busted busted busted bonse ba Jerabos with stashed money. They will have to VOKA to BOMA.
Whoever has decided to Unleash undesirable Inflation on Zambia will bear the consequences of what is to come…We are now enroute to become another Zimbabwe. The K20, K10, K5, K2 and K1 notes or coins will soon completely become worthless. There will be a movement in prices of everything to the higher denominations. This is what happens in an economy when you introduce higher denominations. Am yet to see a $500 or 500 British pound Note.
There was absolutely no need to introduce the K200 and K500 denominations.
If the argument by government is that People have buried Kwacha notes somewhere and there was a shortage in circulation, then there couldn’t have been any pressure on our local currency…as the Kwacha to buy the dollar could not have been there! Hidden somewhere and not a factor in our economy!
The Kwacha could then have gained strength in these circumstances.
The new ‘Liatos’ of Zambia where actually doing the Bank of Zambia’s role of syphoning the Kwacha out of circulation, albeit in an unorthodox way!
But of course this is not the situation. The free fall of the Kwacha has just been caused by a reduction in Foreign Exchange Earnings due to poor tax policies in the mines, and pressures for the re-importation of exported Maize and Electricity, and the other imports such as fuel…and of course the huge Balance of Payments Deficit.
Our strategic foreign Reserve for the iimport cover are being sustained largely through borrowing.
And yet some praise singers are talking about the genius of Hakainde..I can’t see any genius really. What I see is incompetence and failure..
Come 31st December 2025, Vegetables, Tomato, Onion will be K20… Dollar – Kwacha Rate above K40 and cruising to K50, and so will be fuel.
Fuel has been added to a burning economy through the introduction of higher denomination notes and the consequences will be too ghastly.
Hakainde’s Zambia
How Leaders Fail.
What an economist!
And just one question to our Economist President…Why has he decided to introduce K200 and K500 denominations??
Where is the problem PF criminals??? What are merit and demerit of changing currency????
Kkkkkk. Really laughable. You think a criminal can keep huge amounts in local currency after 4 years? These are jokes. No need for a K200 and K500 notes.
When these pf took over we had up to k50,000 bank note, what’s the issue now? They rebased to k50 to live a lie?
K200 is fine but R500 is a bit too much.