THE much-anticipated rollout of Zambia’s new currency family has begun, marking a significant step in the nation’s financial evolution.
This morning people had a feel of the new K10, K20, K200, and the K500 notes as the Minister of Finance and Natio Planning, Situmbeko Musokotwane declared it a legal tender, officially launching it into circulation.
Speaking at the launch today, Bank of Zambia Governor Denny Kalyalya outlined the details of the transition process, including which denominations have been launched.
As of today, the new K5, K2, and K1 coins have officially entered circulation. However, the current K1, 50 Ngwee, and 10 Ngwee coins will remain in use, with approximately 160 million pieces still in circulation.
Meanwhile, Dr Kalyalya clarified that the rollout of the K50 and K100 notes will not begin immediately.
“The K50 and K100 will only start being withdrawn in September after we have had sufficient supply of those,” he announced.
“Until then, banks will continue issuing the existing versions of these denominations.”
The transition period for the new currency is set to last one year, in line with Statutory Instrument No. 9 of 2025, issued by the Minister of Finance.
During this time, Zambians will be able to exchange old notes at commercial banks, but not at Bank of Zambia branches.
“We are still working on solutions for communities without banking facilities,” Kalyalya added.
He further emphasised that there will be no fees for exchanging old notes.
“If someone asks for a fee, that’s a problem. Some may try to act as middlemen, offering to exchange the money for you at a fee, but you are on your own if you choose that,” cautioned Dr Kalyalya.
To ensure a smooth transition, the Bank of Zambia has undertaken public sensitisation efforts across the country.
However, the governor acknowledged challenges in reaching every community, particularly those affected by seasonal flooding.
By George Musonda
Credits – Kalemba News
