BOZ appeals to westerners to accept new currency

BOZ appeals to westerners to accept new currency

Kaoma, March 7, ZANIS ——- The Bank of Zambia officials have appealed to the people in Western province to accept using the new rebased currency as it is the legal tender in the country.

Bank of Zambia Investigations Officer and team leader Maeke Njunju said this in an interview with Zambia News and Information Services (ZANIS) in Kaoma district yesterday.

Mr Njunju who is on the tour of Western to assess the impact of the rebased currency both the notes and the coins on the financial bodies and the marketers in all the districts of the province said the majority of the people were acknowledging the new currency which is in circulation at the moment.

He said people should ensure that they utilized the remaining time before June 30, this year when the outgoing currency ceases to be a legal tender in the country so that come July 01, 2013 everyone in the country is conversant with the new rebased currency.

Mr Njunju said people should ensure that they continue exchanging their old monies in the ZAMPOST and NATSAVE Bank and other banks which are partners of the Bank of Zambia in ensuring that every citizen accessed the new rebased currency.

He said that the exchange of the old currency with the new rebased currency will continue up to December 31, 2015 adding that after 2015 no one would be allowed to exchange the old currency with the new rebased currency in the country.   

And Kaoma District Marketers’ Association Chairman, Ngangula Njamba has called on the Bank of Zambia to speed up the process of producing more coins as there are not seen in circulation in the district.

Mr Njamba said that the only currency which is readily available in Kaoma was the new rebased notes not the coins adding that people will face challenges especially when the old lower notes will not be allowed after June 30, 2013 for people to buy goods and services.

He however complained that the new rebased notes especially K2, K5, and K10 notes respectively fades faster and that there is need to ensure more of the coins were produced in numbers as they are more durable as compared to the paper notes.

Mr Njamba also complained that if coins are not introduced quickly into circulation people in the rural areas will find difficulties in using the new coins for buying goods and services adding that coins such as the five, ten, fifty and the one kwacha were not found on the market.