Bloomberg News

Zambia to Re-Base Currency From Jan. 1, Central Bank Says

August 23, 2012

Zambia will re-base its currency from the start of next year, lopping off three zeros from the kwacha, which currently trades at about 4,850 per dollar, the central bank said.

There will be a transition period up to June 30 when both the old and new notes can be used. Banks must exchange the old currency for the new one by the end of 2014, the Bank of Zambia said in an e-mailed statement dated yesterday.

To contact the reporter on this story: Matthew Hill in Johannesburg at mhill58@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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