Cabinet Approves New Currency Regulations

By Mark Ziligone

Cabinet has approved the issuance for the Bank of Zambia Withdrawal and Exchange of Currency Regulations of 2025.

The approval of the Statutory Instrument will facilitate the introduction of a new family of the Zambian Currency, which include the 500 and 200 kwacha notes.

Chief Government Spokesperson, CORNELIUS MWEETWA says Cabinet is concerned with the current state of notes which need urgent replacement.

Mr. MWEETWA said this during a press briefing where he announced the Cabinet Resolutions.

Mr. MWEETWA, who is also Information and Media Minister, said that Cabinet has also approved the 2025 Public Sector Pay Policy and its implementation plan.

He said the Policy aims at establishing harmonised framework for managing emoluments for public officers.

Mr. MWEETWA said this is to improve the capacity of state institutions to attract and retain qualified and experienced staff, thereby enhancing service delivery.

Meanwhile, Cabinet approved the National Policy for Persons with Disabilities, which seeks to improve the welfare of people with disabilities in Zambia.

Mr. MWEETWA said that the policy will guide stakeholders in fostering inclusion and empowerment.

He added that another major move, Cabinet approved in principle the introduction of a Bill to repeal and replace the Money Lenders Act.

Mr. MWEETWA said the new legislation will strengthen the regulatory framework for the money-lending sector and transfer supervisory authority to the Bank of Zambia -BoZ.

This change aims to ensure better oversight and regulation of the sector, as well as protect citizens from exploitative lending practices.

And Cabinet approved the issuance of a Statutory Instrument -SI-on Information and Communication Technologies -ICT-sector.

The SI is aimed at creating a secure and robust framework for the registration and management of electronic communications apparatus.