Minister Launches Rebased Currency

Finance Minister Alexander Chikwenda has launched the rebased kwacha currency.

Speaking at the launch, Chikwanda advised business the community not to hike price as this has the potential of distorting the economy.

He said the rebasing of the kwacha will simplify bookkeeping and reduce cost of doing business in Zambia contrary to popular beliefs that the exercise was aimed at nabbing suspected individual who are keeping huge amounts of money.

Chikwanda said the rebasing of the currency will also address inflation spirals at intolerable levels.

Meanwhile Bank of Zambia Governor Dr Michael Gondwe said the general public should not be afraid of fraud stars on account of the new kwacha currency.

He said the introduction of value notes will not be confused because they have sufficient security features that have been embedded in the new notes.

He said the Bank of Zambia shall continue to intensify our awareness campaign.

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