By Jane Chanda
The Bank of Zambia (BOZ) has introduced a new family of banknotes and coins, set to be launched on March 31, 2025.
And BOZ has apologised for the current poor state of existing banknotes, assuring that the introduction of the new currency will address the matter.
In a statement yesterday, BOZ Governor Denny Kalyalya revealed that the new series would consist of six banknotes (K500, K200, K100, K50, K20, and K10) and six coins (K5, K2, K1, 50N, 10N, and 5N), boasting of cutting-edge design and advanced security features.
Kalyalya stated that the new currency drew inspiration from Zambia’s rich heritage, featuring elements that celebrated the country’s unique flora and fauna, and breathtaking waterfalls, aiming to strengthen the currency’s role as a symbol of pride and unity for all Zambian citizens.
The governor stated that the introduction of the new currency was a result of the board’s approval in July 2021, reflecting the Bank’s commitment to providing secure, efficient, and user-friendly currency.
Kalyalya stated that the new series represented a significant step forward, combining cutting-edge design with advanced security features to protect against counterfeiting and other threats.
“With the introduction of the new currency, this should soon be a thing of the past. This we commit to you,” the governor stated.
He emphasised that the Bank would launch a country-wide sensitisation campaign to educate the public about the new currency.
“The Minister of Finance and National Planning will issue a Statutory Instrument detailing the procedures for exchanging old currency for the new series,” he stated.
Kalyalya also encouraged the public to continue using existing banknotes and coins, which remained legal tender until a specified time.
He further stated that BOZ remained committed towards a smooth transition to the new currency, urging the public to remain calm and supportive.
“Cooperation of you, the esteemed stakeholders, is a critical success factor for this extremely important initiative in our beloved country,” Kalyalya stated.
He stated that the bank would also work closely with various stakeholders to enhance the effectiveness of the transition and encouraged the public to explore alternative payment methods, such as digital financial services.
Kalyalya added that the alpha code (ZMW), the numeric code (967), and the currency symbol (K) would remain unchanged, as will the value, and that the new currency was designed to be secure, efficient, user-friendly, and well-suited for everyday transactions.
“The launch of the new currency is part of the Bank’s efforts to promote financial inclusion and economic growth. The Bank aims to provide a currency that is accessible, reliable, and efficient for all Zambians,” stated Kalyalya, adding that further details on the new currency would be provided during the Monetary Policy Committee media briefing.
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