Economy

Zambia Delays Rebasing of Currency

The Bank of Zambia says the planned re-basing of the kwacha which was expected to take effect this month has been postponed indefinitely because of unforeseen technicalities.

The Central bank is expected to release new bank notes this year once minters and printers who have been contracted conclude the job, but the Bank of Zambia says the process of re-basing is complex and demands sufficient time to address issues involved.

Central Bank Head of Public Relations Kanguya Mayondi says the bank will be meeting the printer and minter engaged to make the new currency.

This delay may cause anxiety among citizens and erode the confidence among the very investors the move rebased currency is supposed to attract.

Bank of Zambia however the process is still on and the sensitization exercise has been extended.

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