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BOZ To Announce The Date For The Launch Of Rebased Kwacha
The Bank of Zambia says more financial services will be required during the Kwacha rebasing period to enable the bank facilitate the exchange of the currency with ease.
Meanwhile, the Central Bank is in the next two weeks expected to announce the new date for the launch of the rebased Kwacha new bank notes and coins after it concludes negotiations with the suppliers of the coins.
Mr Mulomba said the bank has adopted as a strategic objective the expansion of financial services to rural areas where commercial banks are not available so that the challenge people may face during the rebasing period is dealt with.
He noted that the inadequate financial services coupled with poor road infrastructure in rural areas poses a challenge to the financial sector players and the Central Bank in regard to the pending rebasing of the currency.
He further said the bank will in addition engage the National Savings and Credit Bank, NATSAVE and the Zambia Postal Services as bank agents during the period of rebasing because the institutions are wide spread in terms of location.
He said the exchange of the currency will take a period of two years to complete.
Posted by
rog ku
July 16, 2012 at 3:51 pm
Great move ba government that is what we were for. VIVA PF VIVA SATA
wallet and pocket
July 16, 2012 at 4:01 pm
please do not imtroduce coins…!
RELOADED
July 16, 2012 at 4:07 pm
I can’t wait…this will seriously boost our currency
bashi chalwe
July 16, 2012 at 4:20 pm
……
Brian
July 16, 2012 at 4:31 pm
Regardless of your political affiliation, this move by the PF is one that is meant to benefit us all zambians. As a people we need to work collectively in order to achieve great things!!. This one is one of them! so lets all embrace this move with a positive attitude. In no time we will see many great things happening to this our great nation as we take a similar approach to other developmental issues. I love my family and even more so my fellow zambians. Lets be a united force…We can do this…
crazy dude
July 16, 2012 at 4:45 pm
you will just make things difficulty.moreover coins are not easy to handle think about portability.who would want to be getting Kilograms of coins in their pockets?it would be better to use Ngwee in paper form.
crazy dude fun
July 16, 2012 at 4:57 pm
I cant imagine shopping with 20kg of coins.Bus conducters will become loaded.you guys must start carrying huge bags of coin change.it will be a simple GYM.
Bunde!
July 16, 2012 at 5:09 pm
its the practice in many strong economies, after all. why not applicable in Z!!!
Honest woman
July 16, 2012 at 5:11 pm
Gonna miss being a millionaire!!!
chintomfwa
July 16, 2012 at 5:12 pm
ba crazy tute koti munaendapo kucoka muzambia.shame own u.
colly
July 16, 2012 at 5:20 pm
most countries in the world use coins! Its annoying to think that ppl are talking about bags of coins. U chaps wake up!
Prof; Zick
July 16, 2012 at 5:29 pm
Good thing thanks PF Govt
Bric Brac
July 17, 2012 at 2:33 am
The ignorance of Zambians is amazing! Please, where you carried 100 x 50, 000 notes you’ll now carry 100 x 50 notes which is the same value.it will be time for those who were millionaires before Kafupi came and those who are in billions to be genuine MILLIONAIRES once again. It has nothing to do with being a cadre of any political party!! If you have K 1000,000 in your account be ready to become a “thousandaire”!!
Kachenche
July 17, 2012 at 3:18 am
I will stil b a millionare!
bob
July 17, 2012 at 3:50 am
Mwendesheko tukawineko naifye!bashikulu ni ziii.
kakolwe
July 17, 2012 at 4:21 am
We’ve had K50 notes, did you see anyone carrying K1,000,000 in K50 notes? Ify you will carry the new K1000 in 1ngwees, nishi sure uli chimbwi.
Zambiana
July 17, 2012 at 8:11 am
@ wallet and pocket, Crazy Dude (fun), please ask others if thez nothing u understand about coins okay, if u are Zambians and have been to school, u are showing ignorance to a great extent. Consult yo nearest school going boy or girl to explain to you the translations of paper Vs coin money! We have a long way to go!
Wanu Ngwee
July 17, 2012 at 10:23 pm
IMWE BA BOZ, PLEASE ANNOUNCE THE CHANGE OF CURRENCY 24 HOURS BEFORE IT’S RELEASED SO THAT THOSE WHO KEEP CASH UNDER THEIR MATTERESS AND “CASH CROP” FARMERS CAN BE CAUGHT. YOU SHOULD ALSO IMPOSE A LIMIT ON THE MAXIMUM CASH AMOUNT BANKS CAN CHANGE IN A SINGLE TRANSACTION. THE WINDOW PERIOD FOR CHANGING THE CASH SHOULD ALSO BE CAPPED TO 24 HOURS, JUST LIKE KK USED TO DO.
chicle
July 17, 2012 at 11:28 pm
Those complaing about coins are useless.go to TZ you will find coins.the period to exchange is just to long.6months was going to be ok.you’re real men PF.