The decision to re-base the currency is one of the first projects the PF government embarked on even before the required legal provisions from parliament.
But as an after thought, Minister of Finance Alexander Chikwanda has now realized that everything has so far been done illegally and decided to present the Bill, which aims to re-denominate the existing currency, which he is sure the Zambian Parliament will merely rubber-stamp because the new currency has already been printed.
The Zambia Daily Mail, quotes Sata’s uncle, Mr. Chikwanda as saying the bill aims to put in place an effective date of application of the re-denominated currency and circulation of the existing and re-denominated currency.
The other objectives of the bill are the display of prices, both in the existing and re-denominated currency during the effective period.
The bill also aims to address the treatment of debt obligations and rounding off rules and technological adaption connected with the re-denominated currency.
Clerk of the National Assembly Doris Mwiinga presented the Bill for first reading. Speaker Patrick Matibini tasked the committee on economic affairs, energy and labour to study the Bill and submit a report on Thursday November 15, 2012