BoZ says re-based bank notes in May, yet to decide if notes will have KK, Sata faces

THE Bank of Zambia (BoZ) has disclosed that printing, minting and delivery of banknotes and coins resulting from the rebasing of the Kwacha, is expected to commence in mid-May 2012 onwards.
BoZ deputy governor Bwalya Ng’andu says the central bank will introduce the new notes and coins around the same period.

And Dr Ng’andu said the central bank rebasing team has not considered including portraits of any eminent personalities on the new notes.
He said the rebasing team will choose the features once the successful bidding companies provide samples of the proposed notes and coins.
Dr Ng’andu was speaking at a sensitisation workshop for members of Parliament in Lusaka yesterday, on the rebasing of the Kwacha.
Government announced the decision to rebase the Kwacha on January 23 this year and indicated that the exercise would be conducted within six months.
The BoZ Act number 43 of 1996 empowers the bank to, among other things, manage the national currency.
The idea of rebasing the Kwacha was initially conceived in 2003 when the current currency structure was implemented.
Dr Ng’andu said BoZ is expected to sign contracts with successful bidders next month.
He said in February, BoZ invited tenders to shortlist printers and minters and that the period March 23-28, 2012 is targeted for submission of bids, tender closure and opening of bids.
He said the approval of technical and financial proposals by the Zambia Public Procurement Authority (ZPPA) is scheduled to be done from April 5 to 11 this year.
Dr Ng’andu said the characteristics of the new banknotes will be communicated to the public once the tender has been awarded to the successful bidder.
“The success of the Kwacha rebasing exercise depends on the bank’s capacity to inform people about the change.  BoZ has designed a communication strategy on currency rebasing that will allow for the carrying out of simultaneous spreading and education activities in different parts of the country, to all stakeholders and the general public,” Dr Ng’andu said.
He said all legal aspects pertaining to the Kwacha rebasing are currently being reviewed by the legal sub-committee of the rebasing project.
Dr Ng’andu said some of the laws to be affected by the rebasing of the Kwacha include those on pricing, wages and pension, among others.
“The board of directors of BoZ has delegated the implementation of the currency rebasing project to BoZ management for the successful implementation of the rebasing exercise. BoZ management has created structures to manage the currency rebasing exercise,” Dr Ng’andu said.
He said the structures include the BoZ governor who is patron, deputy governor of operations who is sponsor, a steering committee, project team and technical committees.
Others are legal, information and publicity and security and logistics committees.

Published by Daily Mail

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