The Bank of Zambia (BoZ) on Monday unveiled a new series of banknotes and coins, introducing them into circulation as legal tender.
The new currency family consists of six banknotes (K500, K200, K100, K50, K20 and K10), and six coins (K5, K2, K1,50N, 10 Ngwee and 5 Ngwee).
BoZ governor Denny Kalyalya announced during the launch in Lusaka that the new currency will supplement the existing denominations for one year to ensure a smooth transition.
Until introduction of the latest currency, Zambians had the choice of using 1 Kwacha, 50 Ngwee, 10 Ngwee and 5 Ngwee notes as legal tender.
Kalyalya announced that those wishing to exchange old notes for new ones would not be charged.
He said that the new denominations are intended to streamline transactions and align with the country’s evolving financial needs.
The redesigned banknotes feature heritage sites such as Victoria Falls and have been lauded as a representation of Zambia’s rich history and its transition into a new economic era.
Finance and National Planning Minister Situmbeko Musokotwane welcomed the introduction of the new currency as a positive step towards economic stabilisation.
JN/APA