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TOP BOZ Official FIRED From Kwacha Rebasing Evaluation Team
ONE top Bank of Zambia (BoZ) official has been axed from the final kwacha rebasing evaluation team and faces disciplinary action for trying to influence the awarding of the final tender to mint and print Zambian currency to one named foreign company. And sources at the central bank have said the Kwacha rebasing exercise will cost K430 billion and ten tenders have already been evaluated and sent to the Zambia Public Procurement Agency (ZPPA) for final selection.
The final evaluating team was reconstituted after the named official was removed after investigations revealed that he had been wining and dining with representatives of a named company which offered to print security features for the Zambian currency.
Sources at the bank said three companies have tendered in their bids to mint the Zambian coins while seven companies have bidded to print the Kwacha notes.
The source said the foreign companies are from England, France, Germany, Swtzerland and Russia and named some of the companies as Thomas De La Rue International, Giesecke and Devrient.
Others are Goznak of Russia, Orell Fussli Security Printing Limited of Switzerland and the South Africa’s Bank Note Company (Pty) Limited. Government in January approved the Bank of Zambia (BoZ) recommendations to re-base the local currency by removing three zeros from all denominations of the kwacha.
“The scrutiny process has been finalised and the tenders sent to the ZPPA for final selection. However, a low mood has gripped the evaluating team which is demanding for disciplinary action to be taken against an official who almost awarded the tender to a named foreign company on his own” he said. He said the complaints about the misconduct of the official who has been accused of bringing the name of the bank into disrepute have been relayed to the top management and other members of the evaluating team are waiting for action.
He said the ZPPA has been asked to take extra caution when scrutinising the tenders to avoid corrupt practices prevailing during the shortlisting of the companies to carry out the exercise. “The K430 billion will cover costs for the publicity campaigns and other logistics but the figure is likely to increase with other over head costs being taken into consideration” he said. And Anglican Priest Father Richard Luonde has said the PF government should consider contracting a renowned company to print the new currencies regardless of the costs.
He urged ZPPA to be transparent in its selecting process if the Zambian currency was to be protected from any illegal activities such as counterfeit production.
Central Bank deputy governor Dr. Bwalya Ng’andu said the printing of the new re-based Kwacha notes was expected to commence next month after the Bank of Zambia (BoZ) signs a contract with the preferred printer.
Posted by
Kambwili
April 21, 2012 at 11:36 am
@rudeboy, they plan not to pay retiries thats why ukwa called for an increase in retirement age. who shall claim a dead persons pension? you know the jungle process of getting your pension when alive what more when your dead
Chief justice
April 21, 2012 at 1:43 pm
Most pipo ar too dull. I wonda the level of education. Boz has neva stoped printin money coz thats why we see new n clean notes 4rm banks. Thats one of the duties of the central bank 2maintain the curency by printin & riprintin eccept ths tme they wat new fitures. Problems wl neva end evn if that money was u in shongombo povert wl b there.
priotise
April 21, 2012 at 3:09 pm
If the buying power of the kwacha is going to be the some even after the exercise,What’s the point?The Govnment was going to spend that k430 billion on other important projects.
Original Zambian
April 21, 2012 at 10:23 pm
What ha shappened to fake K3 trilion printed by MMD? Come on PF say something.
Abroad Zambian
April 22, 2012 at 3:29 am
Development comes wth a sacrifice.rebasing wil make our curency very competative n strong,pipo r complaining abt hw much iz 2 be spent bt nt considering da future benifits,u need 2 spend 4 u 2 gain.why should it take thousands Zambians 2 fight 100 Americans.if da disaster iz reversable why not.pipo were born 2 talk.words like ”billions” in zimbabwean note means Nothing n zats where we were going.mind u development brings change n a good life.lets not act like pipo who do nt know wats good 4 us.lets help/suport our gvenmnts positive spirit 2 come 2 past.
Citizen
April 22, 2012 at 11:43 am
We have a lot of old currency around including the ones which we keep in sacks and bury underground that the govt replaces at a fee. When the new rebased currency comes in, for a while the govt will not spend for replacement,probably we will save more than what we are currently spending. This will also save our face from foreigners who get spooked when you tell them our exchange rate.
lyanda robert
June 13, 2012 at 5:33 pm
lets first corcentrate on development that450billlion can help imorove roads ,hospitals,housing,railway systems etc in the country,its too early to make such changes can you hold on and do it in 2030.send that money to colleges to pay for students and build more hostels in our universities.
unhappy parent.
lyanda r m
Zambia Tender Issues
July 17, 2012 at 4:37 pm
Which company has been awarded the tender to mint and print Zambian currency? I remember Central Bank deputy governor Dr. Bwalya Ng’andu saying the printing of the new re-based Kwacha notes was expected to commence next month after the Bank of Zambia (BoZ) signs a contract with the preferred printer.