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Finance and National Planning Minister, Situmbeko Musokotwane, has assured that the introduction of a new currency series will not impact the value or purchasing power of the Zambian Kwacha.
In a ministerial statement to Parliament on Thursday, Musokotwane announced that both the old and new currency series would circulate concurrently for a transition period of 12 months, starting from March 31, 2025.
“I must state that the introduction of the new currency series will not affect the value or purchasing power of the Kwacha, as it remains the same currency with the same value,” he said.
He added that ahead of the launch, the Bank of Zambia (BoZ) would coordinate the calibration of all cash-handling equipment nationwide to facilitate a smooth transition.
Read more: New K100, K50 notes to be delayed after old ones are recalled —Bank of Zambia
Musokotwane described the move as a significant milestone in the evolution of Zambia’s financial system.
“By modernising our currency, we are ensuring a secure, efficient, and trusted monetary system that supports national economic growth,” he said.
As required under Section 25 of the Bank of Zambia Act, 2022, a Statutory Instrument (SI) will be issued to guide the withdrawal of the existing currency.
He further stated that BoZ would roll out a nationwide sensitisation campaign targeting major cash handlers, law enforcement agencies, businesses, and the general public, including border towns where the Kwacha was widely used for trade.
The Bank of Zambia announced the introduction of the new currency earlier this week.
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