ZDDM accuses BoZ of circulating counterfeit coins

ZDDM accuses BoZ of circulating counterfeit coins

The Opposition Zambia Direct Democracy Movement (ZDDM) has challenged the Bank of Zambia Governor to explain the source of the coins in circulation which are minted 1992 instead of the 2012 when the new rebased currency was launched.

ZDDM President Edwin Sakala stated that the injecting of bogus coins in circulation by the Bank of Zambia is tantamount to defrauding the Zambian populace.

In a walk-in interview to ZANIS, Mr Sakala, who had no such coin as evidence, alleged that members of the public have complained of the newly introduced coins as well as the notes which they say are also fading much quicker even than the old currency.

Mr Sakala has threatened to drag the Bank of Zambia to the Courts of Law for taking advantage of the Zambians and thinking they would trick them so easily.

And ZDDM vice president, Charles Kafumbo, wondered as to why the Bank of Zambia would carry out such an act, saying the fake coins in particular have even landed in the innocent Zambians without them knowing.

Mr Kafumbo accused the Bank of Zambia of offloading counterfeit coins into the country’s circulation.

When contacted for comment, BoZ Head of Public Relations, Kanguya Mayondi, challenged Mr Sakala to substantiate his accusations levelled against the Central Bank.

Mr Mayondi explained that the ZDDM president should understand that the old currency is still legal tender and is circulating along with the rebased currency until June 30 of this year.

The Bank of Zambia has set up to June 30 when the old currency, including coins, shall be phased out in circulation.