Zambia introduces new banknotes & coins!

The Bank of Zambia (BoZ), the central bank of Zambia, is set to introduce new banknotes and coins in Zambia. The new currency family, which consists of six banknotes (K500, K200, K100, K50, K20 and K10) and six coins K5, K2, K1, 50N, 10N and 5N), will be launched on 31 March 2025. The alpha code for the Zambian kwacha (ZMW), the numeric code 967, the currency symbol K (K= kwacha; N = ngwee), and the value of the currency will not be altered. According to BoZ Governor Dr Denny Kalyalya, the design of the new currency draws inspiration from Zambia's rich heritage, featuring elements that celebrates the country's unique flora and fauna, and breathtaking waterfalls.

The existing banknotes and coins will remain legal tender until a period specified in an upcoming Statutory Instrument (SI), which will detail the procedures for exchanging old currency for the new series. The transition period to replace the current banknotes with new currency is expected to take over 12 month.

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.