BOZ Withdraws 97 Percent Of Old Currency Fro Circulation

About 97 percent of the old currency has so far been withdrawn from circulation and a sum total of K4.5 billion injected in the market as legal tender the Bank of Zambia has disclosed.

BOZ assistant director Payments systems Lazarous Kamanga says the remaining three percent of the old notes can be attributed to people stocking them in homes or could have been lost or damaged.

Mr. Kamanga adds that the bank is aware of the shortage of coins in circulation as well as people refusing to accept the ten and fifty ngwee despite them being legal tender.

He further says more sensitization on the matter will be conducted and a collection of old currency is on-going until December 2015.

Posted by Kunda on July 11, 2014. Filed under BUSINESS. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.