The Bank of Zambia on Tuesday announced a new set of banknotes and coins will be.added to the nation’s legal tender.
According to the announcement made by the Bank of Zambia on Tuesday, new banknotes will be launched on March 31, 2025.
The new banknotes to be added to the Zambian currency are six banknotes, which include K500, K200, K100, K50, K20, and K10 and six coins, which consist of K5, K2, K1,50N, 10N, and 5N.
The central bank noted that the introduction of the new banknotes is in accordance with Section 17(1) of the BoZ Act of 2022.
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However, there won’t be any changes to the currency symbol (K), alpha code (ZMW), numeric code (967), as well as the value.
Significance of the new banknotes
The new currency’s design, which highlights the nation’s distinctive flora and fauna as well as stunning waterfalls, is influenced by its rich history.
The Bank’s dedication to offering money that is safe, effective, user-friendly, and suitable for daily transactions is shown in this effort, which was initiated with Board approval in July 2021.
A Statutory Instrument (SI) outlining the steps for converting the old currency into the new will shortly be released by the Minister of Finance and National Planning.
Additionally, the SI will outline the time frame for the conversion as well as the specific locations nationwide where the citizens can convert their old currency into the new one.
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Nationwide sensitisation of the new banknotes
The Bank will start a nationwide sensitisation effort to inform the public about the new currency so that everyone is aware of its features and helps to facilitate an easy transition.
The apex bank urged the public to keep using the current coins and banknotes, which are still accepted as legal tender until the SI specifies a new date.
The Bank apologises for the bad condition of the banknotes at the moment. It assured the public that it would soon come to an end with the introduction of the new currency.