Two articles published this week describe the planned revaluation of Zambian currency and the resulting changes to the country's paper money and coinage. Pictured are coins from 1983, which really confused me, but I guess that fits with one article's theme - whether the revaluation will confuse people. Thanks for P.K. Saha for sending this.
The Minister of Finance and National Planning Mr. Alexander Chikwanda announced on Monday that Government was going to rebase the Kwacha by slashing off three zeros from our currency and introduce coins for lower value denominations instead of notes. The largest note therefore will be K50 from the current K50, 000 while the lowest will be K1 from K1, 000.
He added that the new currency will be introduced in the next six months during which period the old currency will be withdrawn. The question that begs an answer is what is the effect of rebasing the Kwacha on the economy and the ordinary Zambians in general?
Rebasing is mainly done to make commercial transactions easier and reduce the cost of transaction by transacting in fewer notes. The exercise is also done to enhance people's confidence in the currency and stabilize its fluctuations.
To read the complete article, see:
WHAT DOES REBASING OF KWACHA MEAN TO THE POOR
To read a related article, see:
Cabinet approves Kwacha rebasing
Wayne Homren, Editor
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