K2.2trn old currency withdrawn from circulation

BUSINESS NEWS
THE Bank of Zambia (BoZ) has issued KR2.4 billion and withdrawn K2.2 trillion (KR 2.2 billion) of the old currency notes from circulation.
BoZ currency rebasing project manager Morris Mulomba said the Central Bank had withdrawn 56 per cent of the old currency.
Mr Mulomba said at a media briefing in Lusaka yesterday that BoZ now had all the rebased currency denominations in circulation.
“We are hoping that by June, we will be able to withdraw 90 per cent of the old currency,” Mr Mulomba said.
He said the central bank was experiencing a stable inflow of cash during the exchange and was hopeful that the exercise would be completed within the scheduled time.
He said BoZ officials had visited all the provinces and had come up with a report that showed how the general public had received the currency rebasing exercise.
He said most people had complained over the coins saying they were too small and could easily be lost.