11/02/2025
THE Bank of Zambia has introduced a new family of Zambian currency.
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The new family of banknotes and coins will consist of six banknotes K500, K200, K100, K50, K20, and K10 and six coins, including K5, K2, K1, 50N, 10N, and 5N.
BOZ Governor Dr. Danny Kalyalya said the new currency will be launched on March 31, 2025.
He said the alpha code (ZMW), the numeric code (967), and the currency symbol (K) will remain unchanged, as will the value.
Dr Kalyalya said the design of the new currency draws inspiration from the country's rich heritage, featuring elements that celebrate Zambia’s unique flora, fauna, and breathtaking waterfalls.
“By incorporating these elements, the new currency not only honors our cultural heritage but also strengthens its role as a symbol of pride and unity for all Zambian citizens, as exemplified by our national motto, One Zambia, One Nation.
This initiative, which was approved by the Board in July 2021, reflects the Bank's commitment to providing currency that is secure, efficient, user-friendly, and well-suited for everyday transactions,” he said.
Dr Kalyalya said the new series represents a significant step forward, combining cutting-edge design with advanced security features to protect against counterfeiting and other threats to the integrity of the currency.
He added that the Minister of Finance and National Planning will soon issue a Statutory Instrument (SI) detailing the procedures for exchanging the old currency for the new series.
“The SI will also specify the exchange period as well as the designated exchange points across the country where the public can exchange their old currency for the new currency.
To facilitate this change, the Bank will launch a nationwide sensitization campaign to educate the public about the new currency so that everyone understands and becomes familiar with its features,” Dr Kalyalya said.
He encouraged members of the public to continue using the existing banknotes and coins, which remain legal tender until a specified time in the SI.
“We also call upon members of the public to embrace other available payment methods, such as digital financial services, as alternative means of making payments.
The Bank further urges the general public to remain calm and actively support the roll-out process. Your cooperation, as esteemed stakeholders, is a critical success factor for this extremely important initiative in our beloved country,” Dr Kalyalya said.
Additionally, the Governor apologized to the nation for what he described as the current poor state of banknotes.
“May I take this opportunity, on behalf of the Bank and indeed on my own behalf, to sincerely apologize for the current poor state of the banknotes. With the introduction of the new currency, this should soon be a thing of the past,” he said.