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Kwacha Rebasing Exercise Pushed To Next Year 2013

THE Bank of Zambia (BoZ) has set January 1, 2013 as the date for the change-over for the rebased currency.
Consequently, the rebased currency will become legal tender on the said date and will be accepted as a medium of exchange in the country.
BoZ head of public relations Kanguya Mayondi disclosed the development in a statement yesterday.
He said January 1 to June 30, 2013 has been designated as transition period during which both the old and rebased currencies will circulate simultaneously.
Mr Mayondi said with effect from January 1, 2013, financial institutions will be required to make payments to clients in the rebased currency.
He said all banks will be converted to the rebased currency as well as automated teller machines (ATMs).
“All amounts shown on receipts and points of sale machines should be expressed in the rebased currency utilising the new currency code. All company balance sheet items as at close of business December 31, 2012 shall be converted to the rebased currency,” the statement reads in part.
Mr Kanguya added that all accounting, financial and supporting documentation for businesses should be reverted to the rebased currency.
“Likewise, all ledgers used by business entities as well as information on their information technology applications shall be prepared in the rebased currency and amounts shown on debit instructions such as cheques and promissory notes issued by December 31, 2012 for settlement after this date shall be converted to the rebased currency,” the statement reads in part.
Mr Kanguya, however, said financial institutions will continue to exchange old currency to rebased one even after the expiry of the grace period.
He said the exchange of currency is expected to continue for 18 months until December 31, 2014.
Mr Kanguya said all business entities are required to commence preparations for adaptation of all systems and infrastructure among other things in readiness for the rebasing.
He said in September next month, the BoZ will issue technical guidelines pertaining to the currency rebasing process to ensure all stakeholders are guided.

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Posted by on August 23, 2012. Filed under BUSINESS. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

16 Responses to Kwacha Rebasing Exercise Pushed To Next Year 2013

  1. gas

    August 23, 2012 at 7:14 am

    first one

  2. george

    August 23, 2012 at 7:51 am

    Insalamu shakulawama ukulipila.

  3. Ireen

    August 23, 2012 at 8:41 am

    ooooo

  4. HOLE-IN-ONE

    August 23, 2012 at 8:47 am

    Until then…….I’ll remain royal to Hole-In-D-Ground Banking Corp.

  5. Bamwiine

    August 23, 2012 at 8:53 am

    I thought ZMK meant Zambian Kwacha, now this ZMW what is it? Is it Zambian What? Please help me.

  6. Suri

    August 23, 2012 at 9:44 am

    Yes what is this ZMW.Hope fi tumfweko tafilebepafye.

  7. MEMORY HADASA

    August 23, 2012 at 10:24 am

    Ba Tumfweko pliz help us on ZMW, give us full information

  8. fekam

    August 23, 2012 at 10:56 am

    What about mind adjustment-tamuli mu pulani yaba boozi. ZMW Zambia Malawi will share rebased Kwacha since they use the same currency with different value

  9. RELOADED

    August 23, 2012 at 3:10 pm

    I’LL still be a millionaire

  10. TOMTOM

    August 23, 2012 at 4:25 pm

    MWAPASA CHANCE A MMD TO CHANGE STOLEN MONEY

    YOU WERE SUPPOSED TO GIVE ONLY A WEEK TO CHANGE MONEY

  11. kafupi kafuti

    August 23, 2012 at 4:50 pm

    so how much wil be my salary bane because i get K520,ooo

  12. Tmb

    August 23, 2012 at 6:22 pm

    At ZMW efinnshi

  13. gunda

    August 23, 2012 at 6:58 pm

    Kanguya why are you changing posts?You were not like this at Lukanga primary school in Kabwe!

  14. jomba

    August 24, 2012 at 2:03 am

    @kafupi your salary will be, just remove the 3 letters from that figure and remain with your minmum wage.

  15. real

    August 31, 2012 at 3:37 pm

    ba tumfweko kindly tell us the meanin of this ZMW

  16. Mr Quoddle

    September 4, 2012 at 5:44 pm

    Actually the Zed Kwacha will be respectable with fewer zeros.