Over KR3 billion old currency with drawn from circulation

Over KR3 billion old currency with drawn from circulation

Lusaka, March 6, ZANIS ——-The Bank of Zambia (BOZ) says it has withdrawn about K3.178 trillion (KR 3.178 billion) as at the end of 28th February 2013 and issued about KR three (3) billion (K3.178 trillion) since the new currency was introduced into circulation at the beginning of the year.

BOZ Head of Public Relations Kanguya Mayondi says this represents 82.71 percent withdraw of cash in circulation at the close of the year 2012 which stood at K3.841 trillion (KR3.841 billion).

Mr Mayondi revealed this in Lusaka today in response to a ZANIS press query.

Mr Mayondi also said on 25 January, 2012 the Bank of Zambia announced that it had approved the recommendation to rebase the Kwacha by dividing the existing banknotes by 1,000 which in effect caused the cancellation of three zeros on the existing banknotes.

He said as of January 2013, new notes and coins were issued in circulation to run alongside the old currency up to June 30th 2013 when the old notes are expected to be phased out.

He said the central bank was on track in withdrawing all of the old currency from circulation before the deadline in June this year.