BoZ injects K14bn new notes

By BUUMBA CHIMBULU

THE Bank of Zambia (BoZ) has injected about K14 billion worth of the new heritage series banknotes into circulation, as it advises the public that it will take some time for the K5 and K2 coins to be fully integrated into everyday circulation.
BoZ Manager for Currency Front Office Operations Patrick Phiri disclosed that as of the end of August 2025, approximately 48 percent of the old banknotes had been withdrawn from circulation.
He said around K8 billion of the old series remained in the economy and would soon be fully replaced.
“As at end of August, 2025 we have withdrawn approximately 48 percent of the old series, we are still remaining with about 52 percent out there.
“We have issued out into circulation about K14 billion of the new heritage series and we are still remaining with about K8 billion of the old series in circulation soon to be withdrawn and we expect that this withdraw process will not gain momentum because what was still circulating out there which is a K100 and K50 we will now start withdrawing it,” Mr Phiri said.
The transition had raised public concerns, particularly around shortages of small denominations, with many reporting difficulties accessing change due to the slow uptake of the newly introduced K5 and K2 coins.
Mr Phiri explained that coin distribution was naturally slower compared to banknotes, given the weight and logistical challenges involved.
“Imagine just to get K5 coins, just one packet with 1, 000 coins I can hardly lift it. You will find the rate at which the banks are getting coins from the Bank of Zambia to distribute to their clients is a bit slower than the rate at which they are getting the banknotes,” he said.
He, however, assured the public that the situation would normalise over time as the coins became fully integrated into the currency system.
To ease circulation challenges, BoZ has partnered with NATSAVE, which was making coins available through its extensive branch network across the country.
Members of the public can walk into any NATSAVE branch to access change.
Mr Phiri urged patience, stressing that the currency reforms were designed to modernise the country’s monetary system while ensuring greater efficiency and durability.