Bank of Zambia withdraws K2.2 trillion of old notes from circulation

The Bank of Zambia has withdrawn over K2.2 trillion of the old currency notes

The Bank of Zambia

The Bank of Zambia

from circulation and has introduced KR2.4 billion since the introduction of the new rebased notes on January 1 2013.

BoZ manager in charge of Rebasing Morris Molomba told in Media Briefing in Lusaka the capital of Zambia today January 25 2013 that the total amount removed from circulation was 56 per cent of the total amount that was in circulation.

Mulomba said very few hiccups had so far been recorded in the exercise among the main ones being the confusion which had only been seen in coins and not in paper notes.

He said the bank had intercepted a few counterfeit notes while no case of fraud was recorded.

He was happy that the bank had managed to withdraw over half of the Notes in one month adding that he was hopeful that the Bank would withdraw 90 percent of the old notes by June.