Bank of Zambia (BoZ) Governor Dr. Denny Kalyalya has confirmed that the new banknotes have been successfully distributed across the country, with the notable exception of the K50 and K100 notes, which are still in production. Dr. Kalyalya made the announcement during the launch of the new notes on Monday, explaining that the full set of new currency will be available to the public once production of the K50 and K100 notes is completed, expected by September.
Dr. Kalyalya assured the nation that the new notes, once fully rolled out, would become legal tender immediately upon announcement by the Minister of Finance and National Planning, Dr. Situmbeko Musokotwane. “Starting today, the moment the Honourable Minister pronounces that these notes have been issued, that’s when they will become legal tender,” Dr. Kalyalya stated, confirming that the distribution process had been initiated and that citizens across Zambia can start using the new currency, barring the K50 and K100 denominations for now.
The new banknotes, introduced by the Bank of Zambia, are part of the country’s ongoing efforts to modernize its currency and prevent the hoarding of money by illegal means. The new designs, which feature enhanced security features, are intended to combat counterfeiting and to ensure the integrity of Zambia’s monetary system.
Finance and National Planning Minister Dr. Situmbeko Musokotwane, who also participated in the launch, expressed confidence that Zambia’s economy is in a strong position to achieve single-digit inflation in the near future. He highlighted the efforts being made to stabilize the economy, which have included the issuance of the new currency, as part of the country’s broader financial reforms aimed at promoting economic growth and stability.
Dr. Musokotwane’s optimism comes amidst ongoing economic reforms and a push for fiscal discipline. The introduction of the new banknotes is seen as a positive step in reinforcing Zambia’s monetary policy and addressing challenges like inflation, which has been a persistent issue for the country in recent years.
The rollout of the new banknotes is part of a wider economic strategy to bring greater efficiency to the national financial system, and the government is focused on ensuring that the transition to the new currency happens smoothly. While the K50 and K100 notes will not be available until later this year, Dr. Kalyalya emphasized that the availability of the other denominations will provide enough of the new currency for public use in the meantime.
The announcement comes as part of Zambia’s continued efforts to strengthen its financial system and to ensure a stable economic environment. With the full issuance of the new notes expected in September, and the government’s continued focus on addressing inflation, there is hope that Zambia’s economy will stabilize and continue to progress in the right direction. The introduction of the new notes, alongside other fiscal measures, is seen as a critical step toward economic revitalization.