The Bank of Zambia (BoZ) has expressed concern over the continued mutilation of both old and new banknotes, warning that such acts are illegal and detrimental to the economy.
BoZ Assistant Director of Communications, Besnart Mwanza, said the central bank has observed a growing trend of people deliberately destroying banknotes cutting them into pieces, burying them, or burning them and sharing the acts on various media platforms.
“These actions are retrogressive and undermine the respect and legal tender status of the national currency,” Ms. Mwanza said in a statement issued to RCV News in Lusaka today.
She reminded the public that the willful defacing, soiling, or damaging of legal tender banknotes or coins is a criminal offense under Section 67 (1)(f) of the Bank of Zambia Act, 2022.
Ms. Mwanza further emphasized that mishandling currency leads to faster wear and tear, reducing the lifespan of banknotes and increasing the cost of frequent replacements.
“It is worth noting that banknotes and coins are procured at a significant cost,” said Ms. Mwanza.
She urged members of the public to refrain from acts that compromise the integrity of Zambia’s currency and to report any cases of currency mutilation to the Bank of Zambia or the Zambia Police.
By Margaret Mwanza
