Home » BUSINESS » BREAKING News: 3 Zeroes To Be Removed From Kwacha CURRENCY

By Editor on January 23, 2012.

The Zambian government will rebase the Zambian Kwacha currency by lopping off three zeros Finance Minister Alexander Chikwanda said on Monday 1/23.

Chikwanda told a media briefing today Monday 1/23.
What this actually means is that the rebasing of the Zambian Kwacha will be by dividing the current notes by 1000, consequently knocking out three zeros from all the denominations.
This means the K1, 000 will be K1, K5, 000 will be K5 while K50, 000 will become K50.
The government would also raise commercial banks’ capital requirements to make them more resilient to economic shocks.