By BUUMBA CHIMBULU
THE Bank of Zambia (BoZ) has introduced new bank notes that are in denominations of K500 down to K10, with the K5 now to be exchanged in coins form, which will be launched on March 31, 2025.
Finance and National Planning Minister, Situmbeko Musokotwane will soon issue a Statutory Instrument (SI) detailing the procedures for exchanging the old currency for the new series.
The SI will also specify the exchange period as well as designated exchange points across the country where the public can exchange their old currency for the new one.
In the meantime, the Central Bank has encouraged the public to continue using the existing banknotes and coins, which remain legal tender until a time to be specified in the SI.
According to a public notice issued by the BoZ Governor, Dr Denny Kalyalya, the new series represents a significant step forward, combining cutting edge design with advanced security features to protect against counterfeit and other threats to the integrity of the currency.
“The Bank of Zambia is pleased to announce the introduction of a new family of the Zambian currency. The new family of banknotes and coins will consist of six banknotes (K500, K200, K100, K50, K20, and K10) and six coins (K5, K2, K1, 50N, 10N, and 5N),” Dr Kalyalya said.
“These will be launched on March 31, 2025. The alpha code (ZMW), the numeric code (967), and the currency symbol (K) will remain unchanged, as will be the value,” he said.
To facilitate this change, the bank will launch a country-wide sensitisation campaign to educate the public about the new currency so that everyone understands and becomes familiar with its features.
Additionally, the bank will be working closely with various stakeholders to enhance the effectiveness of the transition to the new currency in a seamless and well-supported process for the public.
