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Rebasing, Not A Change Of Currency
Several people in Zambia including the Finance minister and some Bank Of Zambia officials have stated that “the Zambian currency has been changed” or “Zambia has new currency” or “come 2013, Zambia will have a new currency”.
I wish to correct many fellow Zambians that in economics, currency rebasing or currency redenomination or currency reform as it is sometimes called, is not the same as change of currency.
Zambia’s currency still remains Kwacha even in its new appearance.Yes, we have rebased, but then it is still called Zambian Kwacha. We could have called change of currency if we have adopted another one different from the Kwacha.
For instance the Euro Zone countries except Britain changed their currencies to Euro. Zambia changed the currency after 1964 from British Pound to Kwacha. Even many other countries which fully adopted the dollar and abandoned their currencies changed their currencies. As for Zambia it is not called change of currency, but change of Zambian kwacha notes or appearance.
This is just change of kwacha notes so it must never be said to anyone that Zambia has a new currency. If it is a new currency why it is still called Kwacha?
Finally, Mary will still be called Mary even if her behaviour, or appearance or anything on her changes, unless she decides to change the name.
So you should have said, “Come 2013, Zambia will have new currency notes or new kwacha notes.”
I just wanted to share with you this piece of cake.
SOKO EDMOND
ECONOMISTS
Posted by Admin
on January 26, 2013. Filed under LATEST NEWS.
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musuma
January 26, 2013 at 8:03 am
ninebo # 1
Mutototo 2
January 26, 2013 at 8:25 am
I wonder why BoZ is saying new currency, same value-that’s a good observation and point of correction.
commando
January 26, 2013 at 8:35 am
Hehehehehehehehehehe koma bonsefye tuli fikoopo including the writer. U are an iddioty because u can’t come out today when we started saying that last year Jan. Why taking all this tym iwe Soko. If u were near nga nakuponona catiile cobe.
DIGGERS
January 26, 2013 at 8:50 am
Good observation.
DR. MAKASA KASONDE (PRIVATE CITIZEN)
January 26, 2013 at 10:08 am
New notes, new currency, new money, that can confuse us. The important thing is that Zambia has changed the way its currency was denominated. Three zeroes are gone, for the convenience of the market players. Remember France’s currency after the Second World War? After the liberation, General Charles de Gaulle and his government implemented various policies. One of the changes was the introduction of a newly rebased French Franc. The new French Franc was easier to handle and generally well received by the market. After several decades, France adopted the Euro together with other European nations, such as Belgium, Germany, Greece, Spain, Portugal, Netherlands, etc. The new Kwacha marks the turning point in Zambia’s economic history.
DK PLANET.
January 26, 2013 at 10:32 am
@commando, you are sick and highly possessed with an obstinate spirit. All you can see is nosense in sense.!! You are disgrace in society.!!!!Find somewhere to live and not with humans!
Zamfumu
January 26, 2013 at 11:16 am
Walondolola sana bwino ukuchila nobuteko ubwine.big up SOKO
generaljaydee
January 26, 2013 at 11:20 am
comando u are mad for real
FLes Plins
January 26, 2013 at 12:33 pm
Commando is right. I remember the minister telling us last year that this won’t be a new currency Or revalued currency
Fles Plins
January 26, 2013 at 12:36 pm
So Ba Soko bataya chabe ntawi. Alibe vokamba.
chishala benjamin
January 26, 2013 at 1:47 pm
Iwe ci Soko. That is change of currency.In KK time we changed de currency but still calling it kwacha. Even now we have changed the currency in rebased form
kakolwe
January 26, 2013 at 3:09 pm
OK, Ba Sokomuntu. Is it ‘New Money’? We know what we mean!!
GEOTROPISM
January 26, 2013 at 4:43 pm
MR FAKE ECONOMIST ,WHO SAID WE HAVE NEW CURRENCY,CHECK ON THE POSTERS AND SEE(NEW BANK NOTES) KWACHA,NEW MONEY SAME VALUE.
WHY DO YOU WANT TO BRING OPPOSITION MINDS ON EVERYTHING.
LEARN TO WATCH AND SEE WHAT HAPPENS , AT TIME IT IS IMPORTANT TO POCKET OUR STATUS .YOU END UP BEING SEEN THE ONLY TALKING PERSON
AR YOU SAYING YOU ARE WISER THAN ALL ZAMBIANS,SURELY WHERE HAVE YOU BEEN? TO POINT OUT WHAT IS NEVER A MISTAKE TODAY
Banking Student
January 26, 2013 at 5:59 pm
Good one bro SOKO,bt you she shud also appreciate the difference between change of BANK NOTE & change of CURRENCY. What u have alluded to is the change of bank notes and not the change of currency,including the good examples u have sited. Change currency can be any change,it cud be a change of some features on the note or the change that we recently had which saw the removal of three Zeros.But if they change the original money(I say original because the note we use is a representative of the real money which is @ the central bank)then that would mean what u explained.
Banking Student
January 26, 2013 at 6:03 pm
Good one bro SOKO,bt you should also appreciate the difference between change of BANK NOTE & change of CURRENCY. What u have alluded to is the change of bank notes and not the change of currency,including the good examples u have sited. Change currency can be any change,it can be a change of some features on the notes or the change that we recently had which saw the removal of three Zeros. But if they change the original money(I say original because the notes we use is a representative of the real money which is @ the central bank)then that would mean what u have explained. Good try tho
T
January 26, 2013 at 7:34 pm
@ commando….The only iddioty lik u wrote it is u….
kapuli wa ng'ongo
January 26, 2013 at 7:59 pm
Remind me. I have a few 10 kwacha coins that I do not recal being withdrawn. Are they still legal tender?
commando
January 26, 2013 at 8:48 pm
@DK planet, general fimo fimo and T, to please a foool is simply to say yes. So I say yes to all your senseless coments bar fee colour. You are as dull as your so called economist. No wonder u fail examz.
john
January 27, 2013 at 12:00 pm
It is true sir.
Acting Paramount Chief Chitimukulu
January 27, 2013 at 4:54 pm
useless thinking. muletuipusha ifwe bakale
kwesu
January 28, 2013 at 2:12 pm
re-basing, re-barking, one way of confusing people and maybe chance of……………… mukafinyela if one day, just wait, u will see, who has benefited on rebasing? if not why change and waste money, yesterday i was at the hospital, u cant imagine, we changed government, hospitals and schools are the most very important things to tackle, than rebarking the money. and why so fast than the other important i or rebasing the money mweee, one day the truth will come out, loleleni fye bane, fyonse fikasyala pa kishala. time will come out.