‘Rebasing Doesn’t Mean Change Of Currency as Wrongly Put By Chikwanda, BoZ’

Dear editor,

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 Editor on January 30, 2013. Filed under BUSINESS. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

8 Responses to ‘Rebasing Doesn’t Mean Change Of Currency as Wrongly Put By Chikwanda, BoZ’

mwamba mutale Reply

January 30, 2013 at 6:32 pm

Uli cipuba mwa. Bushe wakulabosa fimofine everytime. Ka economics kakukwatila mu distance learning ni problem. The currency doesn’t look the same from the old one hence the justification that it has changed. We nkumbawe
The Auditor Reply

January 30, 2013 at 7:48 pm

Mr Soko,thank you for sharing with us.it is a nice piece of cake.you are right although it is not material.next time let us discuss economics that will put bread and butter on people’s tables.those are issues that economists discuss.
zambia Reply

January 30, 2013 at 8:22 pm

Time wasting. Nonsense
commando Reply

January 30, 2013 at 10:07 pm

Wembwa! Batumfweko y repeating this same story? Naifwe ku Nkd ci Nictor nacishuta abakashi 3 bullets mucifuba. Ukubasanga nabafwa ubwamba panse sure. Nacibutuka so katwishi tu police twansala ku nkd nga twalakumanisha investigation elyo na equipment tatwakwata.
Lusaka Shu Shu Shu Reply

January 31, 2013 at 6:54 am

Failures in life will always remain critics. Look @ them their comments r far frm the topic. That’s y u will never progress no matter what. Mr. Soko thankx for the info.
Lusaka Shu Shu Shu Reply

January 31, 2013 at 7:10 am

Ba Mwamba Mutale I think u need English Lessons. Jst wondering if u have ever passed any english exam in your life. That’s plain and simple English by Mr.Soko that even a grade 1 pupil Can understand. “No idiomatic expressions in that vital piece of information”. Yo friend Mr.Soko is far Much better than you becoz his got a qualification even if got it thru distance learning, but as for you my advise is that you need to start going school. “Grade 9 night School won’t be a bad idea”
chokwadi chokwadi Reply

May 1, 2014 at 1:08 am

Economics!! You too Mr. Soko or whatever you choose to address yourself are FULL OF SHIT.
katwishi mukwai Reply

May 14, 2014 at 7:54 am

Not material,time wasting