13 December 2012

Zambia to rebase the Kwacha on 01 Jan 2013

In January 2012 the Government of Zambia approved the recommendation of the Bank of Zambia (BOZ) Board to rebase the national currency, the Zambian Kwacha, by lopping off three zeros. The date for the actual changeover to the rebased currency and the introduction of new banknotes & coins is set to be 01 January 2013. Zambia will replace the old notes and coins with new 100 Kwacha, 50 Kwacha, 20 Kwacha, 10 Kwacha, 5 Kwacha and 2 Kwacha banknotes, as well as 1 Kwacha, 50 Ngwee, 10 Ngwee and 5 Ngwee coins.

(c) Cavmont Bank (click on screenshot to enlarge or here to download the original pdf)

The public in Zambia is given a six-month window in which people will be able to transact using the current and rebased notes after which transactions would only be done using rebased notes.

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