Economy

Bill for Re-based Kwacha Goes to Parley

Government yesterday presented a bill on the re-denomination of the Kwacha to Parliament.

Minister of Finance Alexander Chikwanda presented the Bill, which aims to re-denominate the existing currency.

Chikwanda said the bill aims to put in place an effective date of application of the re-denominated currency and circulation of the existing and re-denominated currency.

The other objectives of the bill are the display of prices, both in the existing and re-denominated currency during the effective period.

The bill also aims to address the treatment of debt obligations and rounding off rules and technological adaption connected with the re-denominated currency.
Clerk of the National Assembly Doris Mwiinga presented the Bill for first reading.

Speaker Patrick Matibini tasked the committee on economic affairs, energy and labour to study the Bill and submit a report on Thursday November 15, 2012.

Source: Zambia Daily Mail

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