Connect with us

Business

Rollout of new K50, K100 notes won’t begin immediately – Kalyalya

Published

on

499 Views

Kalemba News
Written by
in
THE much-anticipated rollout of Zambia’s new currency family has begun, marking a significant step in the nation’s financial evolution.
This morning people had a feel of the new K10, K20, K200, and the K500 notes as the Minister of Finance and Natio Planning, Situmbeko Musokotwane declared it a legal tender, officially launching it into circulation.
Speaking at the launch today, Bank of Zambia Governor Denny Kalyalya outlined the details of the transition process, including which denominations have been launched.
As of today, the new K5, K2, and K1 coins have officially entered circulation. However, the current K1, 50 Ngwee, and 10 Ngwee coins will remain in use, with approximately 160 million pieces still in circulation.
Meanwhile, Dr Kalyalya clarified that the rollout of the K50 and K100 notes will not begin immediately.
“The K50 and K100 will only start being withdrawn in September after we have had sufficient supply of those,” he announced.
“Until then, banks will continue issuing the existing versions of these denominations.”
The transition period for the new currency is set to last one year, in line with Statutory Instrument No. 9 of 2025, issued by the Minister of Finance.
During this time, Zambians will be able to exchange old notes at commercial banks, but not at Bank of Zambia branches.
“We are still working on solutions for communities without banking facilities,” Kalyalya added.
He further emphasised that there will be no fees for exchanging old notes.
“If someone asks for a fee, that’s a problem. Some may try to act as middlemen, offering to exchange the money for you at a fee, but you are on your own if you choose that,” cautioned Dr Kalyalya.
To ensure a smooth transition, the Bank of Zambia has undertaken public sensitisation efforts across the country.
However, the governor acknowledged challenges in reaching every community, particularly those affected by seasonal flooding…https://www.facebook.com/share/p/15GmTgFRPW/?mibextid=oFDknk
By George Musonda
Kalemba March 31, 2025
Really enjoyed this! Thanks for sharing such valuable content!
Your email address will not be published. Required fields are marked *







Zambia's most trusted online news page
Twenty Twenty-Five
Designed with WordPress

source

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Radiation Protection Authority unveils new board, sets fresh direction

Published

on

38 Views

THE Radiation Protection Authority (RPA) has unveiled its new board, marking the beginning of a renewed push for stronger radiation safety, improved oversight and tighter accountability in the sector.
https://www.facebook.com/share/1SA2weKDx9
The unveiling ceremony was officiated by Minister of Technology and Science Felix Mutati, who called for transparency, unity and collective decision-making.
Mutati challenged the board to handle internal disagreements constructively while upholding risk management at all levels.
He reminded the new board that the mandate before them is heavy, emphasising that the board must operate in alignment with national priorities and remain firmly accountable to the citizens.
“You don’t exist in isolation, you exist to assist us deliver on our priorities as government and to ensure a safe environment for the people.”
” You also assist to ensure that resources given to you whether from government or statutory instruments are properly accounted for because that money is for the citizens,” he stated.
Mutati also urged the new board to grow its revenue base without compromising financial discipline.
He warned that government will not hesitate to act if the board fails to uphold accountability and performance standards.
“If management doesn’t perform to your expectation, as a board you have the responsibility to take appropriate action because if you don’t, we will take appropriate action on you,” Mutati cautioned.
He stressed that transparency, accountability, collective responsibility and sound risk management must guide every decision the board makes.
“Take responsibility by ensuring that management remains aligned and works in the best interest of the people of Zambia,” added Mutati.
Meanwhile, the new board chairperson Msafiri Sinkala pledged to steer the authority with firmness, keep a close eye on performance and make sure the institution meets its target in a manner that reassures the public and restores confidence in the sector.
By Sharon Zulu
Kalemba December 3, 2025
MINES Minister Paul Kabuswe has expressed shock that developmental stories on social media attract as few as 20 likes and 13 comments, compared to scandals […]
THE Financial Intelligence Centre (FIC) has revealed how two employees of a government institution allegedly stole over K20 million meant for public use by diverting […]
SOUTHERN Province Administration has refuted claims circulating on various social media platforms that oil has been discovered in Choma. Wisdom Himanteka, Principal Public Relations Officer, […]

source

Continue Reading

Business

Rural communities to get electricity connections at K300 only

Published

on

40 Views

GOVERNMENT has reduced the cost of getting electricity connections in rural and peri-urban areas from K4,846 to only K300.
https://www.facebook.com/share/p/1CQhHDqC6z/?mibextid=wwXIfr
Energy Minister Makozo Chikote announced the change today at the launch of the ASCENT Zambia Programme in Lusaka.
He said the big reduction is part of a US$250 million project supported by the World Bank to help more Zambians access electricity and clean cooking.
The programme aims to connect over 1.6 million people in the next five years.
According to the Ministry of Energy, Chikote said applications for the cheaper connections will start on 22 December 2025 and the goal is to connect 100,000 households in the first year.
Chikote noted that only 51 percent of Zambians have electricity and in rural areas the number is even lower at 33 percent.
He said the new programme will help close this gap and improve people’s lives.
He encouraged people to apply and directed ZESCO and the Rural Electrification Authority (REA) to inform communities across the country.
“Our desire is that a farmer in Eastern Province can refrigerate his produce, a schoolgirl in Northern Province can study under proper lighting, and an expectant mother in Western Province can access safe and reliable health services,” he said.
REA acting chief executive officer (CEO) Eng. Alex Mbumba said the agency will work closely with ZESCO to ensure the project is implemented smoothly, especially in areas that have been underserved.
ZESCO managing director Eng. Justin Loongo said the programme is a game changer that will help families access clean and reliable electricity.
The World Bank and COMESA also promised to continue supporting the programme with funding and technical help.
By Catherine Pule
Kalemba, December 3, 2025
PRESIDENT Hakainde Hichilema has called on African nations to urgently accelerate their digital transformation efforts, warning that failure to embrace digitalisation could leave the continent […]
PRESIDENT Hakainde Hichilema says he has reached out to his Congolese counterpart, Felix Tshisekedi to propose that Zambia and Congo establish a structured trading arrangement […]
About 30,000 to 50,000 people will have minimal worries concerning load shedding in Kafungalubala Village as President Hakainde Hichilema is scheduled to commission the nation’s […]

source

Continue Reading

Business

Zambia’s trade engine roars to life

Published

on

96 Views

ZAMBIA has switched on a new gear in its global trade journey after officially joining the ATA Carnet Convention, a system set to make cross-border business smoother, faster and cheaper.
This move ushers Zambia into an elite network of nations using the ATA Carnet, a global customs document often dubbed the ‘passport for goods.’
The historic milestone was sealed yesterday when Zambia’s ambassador to Belgium, H.E Mary Chirwa deposited the instrument of accession at the World Customs Organisation (WCO) headquarters in Brussels.
According to a statement by First Press Secretary at the Embassy of Zambia in Brussels, Belgium, Aswell Mwalimu, with this tool, Zambian entrepreneurs, exhibitors and manufacturers can now send professional equipment, samples and products abroad for trade fairs and events without paying customs duties or taxes.
Mwalimu said Zambia has gained fast-lane access to world markets.
Witnessing the handover were WCO Secretary General Ian Sanders, and senior officials Michelle Millan and Gael Grooby, who commended Zambia for its commitment to modernising trade systems and boosting regional competitiveness.
This achievement, realised under President Hakainde Hichilema’s administration, underscores government’s push to transform Zambia into a regional trade powerhouse through efficiency, technology and global partnerships.
“This achievement is more than a technical milestone. It’s a powerful statement that Zambia is ready to compete and collaborate on the global stage,” sais Mwalimu.
He added that development will not only simplify exports but also project Zambia’s growing confidence in the international trade arena.
Also present at the ceremony were First Secretary (Trade and Investment) Melissa Summerton Sylla and other diplomats from the Zambian Mission in Brussels.
By Sharon Zulu
Kalemba November 9, 2025
THE partnership between Zambia and Japan is evolving beyond traditional aid into a long-term, collaborative development model based on mutual respect, technical cooperation, and sustainable […]
UK based, Zambian female economist who once made billionaires uncomfortable has just taken a seat at one of the world’s biggest corporate tables. https://www.facebook.com/share/p/15x9nvPaTk/?mibextid=oFDknk Dr […]
PRESIDENT Hakainde Hichilema is today expected in Solwezi to commission the US$1.2 billion S3 expansion project at First Quantum Minerals’ Kansanshi Mine, a development set […]

source

Continue Reading

Trending

Copyright © 2024 an24.africa