Reported by: S. Ernest.
Date: 13th February, 2025.
Lusaka, Zambia.
The Zambian government has officially announced the introduction of a new family of banknotes and coins, a move aimed at strengthening the nation’s monetary system, improving security features, and enhancing transaction efficiency.
In a ministerial statement to Parliament, Minister of Finance and National Planning Hon. Dr. Situmbeko Musokotwane outlined the rationale behind the new currency series, emphasizing that it aligns with international best practices and reflects Zambia’s evolving economic landscape.
The decision to introduce the new currency was made on July 30, 2021, by the Bank of Zambia Board of Directors, in line with Article 213(2)(A) of the Constitution of Zambia (Amendment) Act No. 2 of 2016. The Bank of Zambia Act, 2022, further reinforced the central bank’s exclusive mandate to issue legal tender.
The updated currency series will feature six banknotes (K500, K200, K100, K50, K20, K10) and six coins (K5, K2, K1, 50N, 10N, and 5N). Notably, the 10N and 5N coins from the existing series will be retained to facilitate small transactions and prevent unnecessary price adjustments.
KEY BENEFITS OF THE NEW CURRENCY
- Enhanced Security – The new banknotes will incorporate advanced anti-counterfeiting features, ensuring greater public confidence in the Kwacha.
- Transaction Efficiency – The introduction of higher-value denominations (K500 and K200) will reduce the need for excessive banknotes in daily transactions.
- Economic Adaptation – With the K100 note currently accounting for over 60% of total currency circulation by value, the move to introduce higher denominations aligns with international standards.
- Cost Reduction – Fewer, higher-value banknotes will lower printing costs while maintaining currency efficiency.
The official launch date for the new currency series is 31st March 2025. In preparation, the Bank of Zambia will launch a nationwide sensitization campaign aimed at key cash handlers, law enforcement agencies, businesses, and the general public.
This initiative will also extend to border towns where the Zambian Kwacha is commonly used for trade.
Importantly, the introduction of the new currency series will not impact the value or purchasing power of the Kwacha, as it will remain the same currency with unchanged value.
Ministry of Finance and National Planning, #mofnp, Lusaka-Zambia
Bank of Zambia
The Agency