The Bank of Zambia (BoZ) has announced the introduction of a new family of Zambian currency set to be launched on March 31, 2025. This long-anticipated development aims to modernize the country’s currency system while celebrating Zambia’s rich cultural and natural heritage.
Details of the New Currency
BoZ Governor Dr. Denny Kalyalya shared the news in a statement, outlining the features of the new currency family. It will consist of six banknotes—K500, K200, K100, K50, K20, and K10—and six coins—K5, K2, K1, 50 ngwee, 10 ngwee, and 5 ngwee. The alpha code (ZMW), numeric code (967), and the currency symbol (K) will remain unchanged, as will the monetary values.
Dr. Kalyalya emphasized that the new designs are inspired by Zambia’s unique flora, fauna, and breathtaking landmarks, such as waterfalls. “This initiative reflects the Bank’s commitment to providing a secure, efficient, and user-friendly currency for everyday transactions,” he stated.
Background and Objectives
The process of updating the currency began with Board approval in July 2021 and is anchored in Section 17(1) of the BoZ Act, 2022. Dr. Kalyalya explained that the new family of currency aims to enhance the security and usability of Zambia’s money, addressing concerns over the current poor state of the banknotes.
Implementation Plan
To ensure a smooth transition, the Minister of Finance and National Planning will issue a Statutory Instrument (SI) that will provide detailed guidelines for the exchange of old currency for the new. This will include the exchange period and designated points across the country where the public can replace their old money.
Additionally, BoZ plans to roll out a nationwide sensitization campaign to educate Zambians on the features of the new currency. The campaign is intended to make the transition seamless and ensure the public is familiar with the updated designs.
Current Currency Remains Legal Tender
Dr. Kalyalya reassured the public that the existing banknotes and coins will remain legal tender until a date specified in the forthcoming SI. Citizens are encouraged to continue using the current currency in the meantime.
Addressing Concerns Over Currency Quality
Acknowledging public complaints about the poor condition of the current banknotes, Dr. Kalyalya expressed optimism that the introduction of the new currency will resolve these issues. “With the new family of Zambian currency, the poor state of our money should soon be a thing of the past,” he said.
Public Reactions
The announcement has drawn mixed reactions from the public. While some have welcomed the move as a step toward modernization and improved currency security, others have questioned the timing and cost of the initiative, particularly in light of Zambia’s economic challenges.
Critics argue that the focus should be on addressing pressing issues such as inflation and unemployment. Supporters, however, see the new currency as a necessary update that could enhance confidence in Zambia’s financial system.
The introduction of the new Zambian currency family marks a significant milestone in the country’s financial landscape. As the launch date approaches, the Bank of Zambia remains committed to ensuring that the transition is well-coordinated and understood by the public. With its fresh designs and improved durability, the new currency is expected to reflect Zambia’s cultural identity while meeting modern transactional needs.