Zambians on Tuesday Jan 1,2013 woke up to a new year and new bank notes, which
lop off three zeros in a bid to address high inflation that made the
currency cumbersome to work with.
Zambia's Finance minister Alexander Chikwanda launched the new Kwacha notes assuring the citizens that the move to rebase currency was meant to address previous bouts of depreciation.
What was 1,000 kwacha will now be one kwacha.Until now 10,000 kwacha was worth roughly two dollars.
Minister of Finance Alexander Chikwanda unveiled the new currency at a colourful ceremony held in Lusaka at the new Government Complex.
The new currency comprises of six notes with features such as the African Fish Eagle, coat of arms, freedom statue, trees and animals while there are four coins minted with a coat of arms, a bird and animals representing the abundant wildlife and tourism potential of the country.
The new currency becomes legal tender on 1st January 2013 and will circulate side by side with the old currency for six months to allow the public to completely switch to the new currency.
Zambia's Finance minister Alexander Chikwanda launched the new Kwacha notes assuring the citizens that the move to rebase currency was meant to address previous bouts of depreciation.
What was 1,000 kwacha will now be one kwacha.Until now 10,000 kwacha was worth roughly two dollars.
Minister of Finance Alexander Chikwanda unveiled the new currency at a colourful ceremony held in Lusaka at the new Government Complex.
The new currency comprises of six notes with features such as the African Fish Eagle, coat of arms, freedom statue, trees and animals while there are four coins minted with a coat of arms, a bird and animals representing the abundant wildlife and tourism potential of the country.
The new currency becomes legal tender on 1st January 2013 and will circulate side by side with the old currency for six months to allow the public to completely switch to the new currency.
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