The Bank of Zambia (BoZ), through the Ministry of Finance and National Planning, has officially launched a new currency, which will soon be available for transactions at commercial banks.
Speaking at the launch of the Heritage Currency, BoZ Governor, Denny Kalyalya, stated that the transition was necessary to enhance security features and combat counterfeit notes in circulation.
He emphasized that while the new currency retains the same value as the existing notes, it incorporates improved security features and greater durability.
Dr. Kalyalya further announced that the new K50 and K100 notes will not be available for exchange until sufficient production is completed by September 2025.
He also cautioned the public against fraudsters who may attempt to exploit the transition by soliciting payments in exchange for the new currency.
“BoZ will continue to monitor the circulation process and extend sensitization efforts to areas that have not yet been reached,” said Dr. Kalyalya.
Meanwhile, Minister of Finance and National Planning, Situmbeko Musokotwane, clarified that the introduction of the new currency will not impact inflation, as the process is an exchange-based transition that does not increase the money supply.
“Money is the lubricant of the economy, and these new denominations will facilitate smoother trade transactions, contributing to sustainable economic growth,” he said.
Dr. Musokotwane also highlighted that despite the challenges posed by the ongoing drought, Zambia’s economy remains resilient, with GDP growth projections reaching 4%, according to ZAMSTATS’ fourth-quarter report.
He attributed this growth to the Open Power Purchase Plan, which has attracted a diverse range of energy investors.
By Cynthia Lupiya
