New Bank Notes and Coins Launched

By Wilson Mulinda

The Bank of Zambia has officially released the new bank notes into circulation.

The new bank notes have now become the new legal tender, and will circulate alongside the existing banknotes ensuring smooth transactions of one year.

Bank of Zambia Governor, Denny Kalyalya says the exchange of the old notes for the new notes is free of charge.

Speaking during the launch, Dr. Kalyalya said the new banknotes and the new 5 Kwacha, 2 Kwacha, and 1 Kwacha coins will supplement the existing 1 Kwacha, 50 Ngwee, 10 Ngwee and 5 Ngwee as legal tender.

Meanwhile, Finance and National Planning Minister Situmbeko Musokotwane said the available denominations is a step in the right direction to stabilize the economy, especially now as the country recovers from the effects of the drought.

Dr. Musokotwane  said he is positive that economic growth rate of 6 percent will be realized in 2025.

He also urged financial service providers including mobile money operators to continue being vigilant in encouraging their customers to maximise on the use of digital platforms for transactions for the benefit of all Zambians.

And, Tourism Minister Rodney Sikumba said the new notes carry a visual narrative and telling of Zambia’s heritage and currency transition.