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.
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