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Kapiri traders start rejecting old kwacha notes
Kapiri Mposhi, 28 June 2013, ZANIS – As June 30th, 2013 deadline by the Central Bank for the circulation of the old Kwacha currency downs, some traders in Kapiri Mposhi district are reportedly refusing to identify the old note as legal tender.
And some members of the fishing community in Lukanga Swamps in Kapiri Mposhi district are reportedly stranded with stacks of old kwacha notes because of lack of banking facilities in the area.
The business entities that include groceries are refusing to transact in the old notes arguing that the currency has ceased to be legal tender.
ZANIS reports that this was learnt during a random survey conducted around Kapiri Mposhi town center by ZANIS today.
But the District Business Association (DBA) DBA Secretary, Mida Matatila has warned its members that were refusing the old currency not to do so because this was against the law.
Ms. Matatila said it is illegal for anyone to stop accepting the old kwacha notes before the 30th June deadline set by the Bank of Zambia (BoZ).
She said the old notes were still legal tender as they will be accepted for exchange at local Commercial Banks even after the June 30th , 2013 deadline.
She urged the traders to open Bank accounts for ease exchange of the old money with the new kwacha-Ngwee currency.
“ Our members should not refuse the old money… they should follow the stipulated deadline when this will come in force… I can also urge them to open accounts with banks so that the easily exchange and bank the old notes ,” Ms. Matatila said.
The Bank of Zambia ( BoZ ) introduced the new kwacha notes and coins on 1st January 2013 which have been used concurrently with the old notes for six months now.
The Central Bank , which has set June 30th , 2013 as deadline for exchange the old notes with new currency at local Commercial Banks , will provide a further two-year window period to the public..
Meanwhile, some fish traders in Lukanga Swamps in Kapiri Mposhi district are stranded with stacks of old kwacha notes barely days before the old notes stop being accepted for trade.
The traders complained to ZANIS that they have failed to bank the money because of lack of banking facilities in the area.
Fishing Development Committee Chairman, Jones Bwalya said the fishermen were now panicking with stashes of old currency notes considering that the deadline for open market transaction of the old currency was nearing.
He appealed to the local commercial banks to extend mobile services to the area to facilitate exchange of the money with the new currency.
