. The new currency family consists of six banknotes (K500, K200, K100, K50, K20, and K10), and six coins (K5, K2, K1,50N, 10N, and 5N).
Highlights
· A new family of the Zambian currency, consisting, of six banknotes (K500, K200, K100, K50, K20, and K10), and six coins (K5, K2, K1,50N, 10N, and 5N) will be launched on March 31, 2025.
· The introduction of the new family of the Zambian currency is pursuant to Section 17(1) of the BoZ Act, 2022.
· The alpha code (ZMW), the numeric code (967), and the currency symbol (K) will remain unchanged. As will be the value.
· The design of the new currency draws inspiration from the country’s rich heritage, featuring elements that celebrate our unique flora and fauna, and breathtaking waterfalls.
· This initiative, which was kick-started by the Board approval in July 2021, reflects the Bank’s commitment to providing currency that is secure, efficient, user-friendly, and well-suited for everyday transactions.
· The Minister of Finance and National Planning will soon issue a Statutory Instrument (SI) detailing the procedures for exchanging the old currency for the new. The SI will also specify the exchange period as well as the designated exchange points across the country where the public can exchange their old currency for the new currency.
· 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.
· Members of the public are encouraged to continue using the existing banknotes and coins, which remain legal tender until the time to be specified in the SI
· The Bank apologises for the current poor state of the banknotes. With the introduction of the new currency, this should soon be a thing of the past.
Full Statement by Governor, Dr. Denny Kalyalya:
https://www.boz.zm/Public_Notice_Introduction_New…#BoZ
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