Chinese envoys says rebased Kwacha good for his people

Chinese Ambassador to Zambia Zhou Yuxiao says the newly launched rebased Zambian currency will make business easy for Chinese investors working in Zambia due to its similarity to their currency Yuan.

The Chinese Ambassador noted that the Chinese people will have no difficulties understanding the rebased Zambian currency because the new notes and coins have less zeros which used to confuse them.

Mr Yuxiao disclosed that the Chinese government through the Bank of China based in Zambia has made enough sensitization to Chinese nationals living in Zambia by using the Chinese language especially for those that do not understand English.

He noted that the Bank has also printed the adverts in the daily papers for Chinese nationals who are unable to access the Bank of China which is in Lusaka so that that they are not caught unaware.

He added that the embassy will further post the new rebased currency on the website as part of the sensitization campaigns.

The Ambassador noted that the rebasing of the currency is a good thing for the economy and investors who have pumped their monies into the country.

He said the Chinese investors are confident of the good economic policies of Zambia adding that even the rebasing of the currency is not a new thing to them as they are always kept aware by government.

The Ambassador further hailed what he called  good investment policies by the Patriotic Front government and assured that his country hopes to continue increasing investments in Zambia.

Mr Yuxiao went on to say  Zambia being a peaceful country coupled with its sound economic policies, investors will always abide by the changes such as the kwacha rebasing.

He disclosed that his countrymen and women have invested in excess of US$2 billion in various sectors of the economy.

The Chinese Ambassador was among the dignitaries that attended the official unveiling of the new notes and coins at the Government Complex in Lusaka on December 31, 2012..

COMMENTS

WORDPRESS: 48
  • comment-avatar
    dennice 5 years

    Ha ha ha ha atii…. good for his pipo? Its also very gud for there business around here.
    I was spouked to find a china man at my mom’s village. elo nikumunzi kuujaa.

    dee

  • comment-avatar
    best 5 years

    problem in zambia pipo are dull despite seating behind a desk for 12 years….only a fool cant see that sata is working,MMD destroyed Zambia for 20 years,lets reflect on the mines,railways and all those companies which were closed…councils almost colapsed due to Chiluba’s bad governance.Sata is here to mend all this and lead Zambia to new development.49 years of independence pipo want to be talking about the same 72 districts?…create new ones and move foward…why should we have the same roads in 49 years?…link up new ones and move forward thats Sata for you….but because most of Zambians are dull,they can see where this man is taking Zambia

  • comment-avatar
    Brian N 5 years

    I honestly see no reason of insulting & calling each other names over what has already bn done & can’t be changed.Of cause the value has remained the same but,did they say rebasing ll add value to the Kwacha?

  • comment-avatar
    basket 5 years

    this rebasing is just another way of making some guys richer! u know how? money taken out of circulation will be put back into circulation by some top guy at boz by giving the old notes to his children who will go and have it changed at the bank!!! especially the K500 and K1000 which no one bothers to keep an eye to. Do you think boz has a record of all serial numbers in circulation? Someone will realllllly make money out there.

  • comment-avatar
    Menemene 5 years

    It is amazing how ignorant and dull 94% of bloggers.The slogan is “new money,same value”.simple rebasing is cheap talk and nobody should think that there is anything that has happend. Dont think that your salary will remain K2,000,000, ney. You have forgotten the story of ZM dolla which was rebased several times and only worsened its value.

  • comment-avatar
    Menemene 5 years

    It is amazing to see how 97% of the bloggers are ignorant and iliterate on simple rebasing question. the slogan you goons is “new money, same value”.How can simple rebasing increase the value of the currency. No wonder CNP coned you. A country of very dull “educated”people indeed, avery dangerous situation

  • comment-avatar
    J mtonga 5 years

    Ignorance, the pula is still stronger ,just like the dollar is stronger than the pound as a dollar buys a dollar a pound does not buy a pound eg a laptop costs 700 usd but it cost 700 pounds

  • comment-avatar
    Bashi Economist 5 years

    we will watch and see the drama unfold

  • comment-avatar
    Aka Sam 5 years

    WE WILL VOTE THIS IDIOT SATA AND PF OUT OF OFFICE.WASTE OF TIME

    • comment-avatar
      Nkeyema 5 years

      We will vote him in again. You continue if your peripheral province. Be national in character not just be in one province and you think you can rul Zambia, ubepelefye mambala

  • comment-avatar
    Zambian 5 years

    This rebasing is like putting make -up on an old lady

  • comment-avatar
    Pimbi Mano 5 years

    It is all about the economy stupid and not simply rebasing the ZK. The Zambia economy is not doing well and productivity is very low and hence we are likely to have less and less exports which will cause the prices to go up.

    The few imports will be very expensive and will lead to less jobs being created or maintained the the sectors mining,tourism and agriculture.

    What Zambia needs is a very strong industrial base and not dependant on mining only. Zambia also needs to improve its productivity in all the key sectors including mining,agriculture,tourism, textiles and other services. This requires adding value in the country rather than exporting raw copper.cotton and maize.

    Just rebasing the currency without supporting the currency with industrialisation will not work. The Chinese have managed to dominate the world because they have a strong currency that is backed by strong exports.China did not work up an economic giant, they worked very hard for it. I studied in China in the 1970s and 1980s and one could see that their leaders were laying the foundation for a strong economy based on high production.

    It took so many years to improve both the productivity and the quality,but they are finally there.

    Zambia, needs leaders that will demonstrate hard work in agriculture and other sectors instead on leaders that spent most their time in cities like Lusaka. We need to change our attitude to work and ensure that we support smallscale industrialisation that can be used to launch a export driven economy. To do that, we need to produce more and buy more of locally produce Zambian products as we prepare to export.

    In the 1970s and 1980s China could not afford to drink Coca-cola and now they can buy anything including Scotch Whisky at $200,000 a bottle.

  • comment-avatar
    Ex-con 5 years

    Twali sela mu September, 2011. One year, four months. Dollar K5,300 (K5.3), mealie meal K70pin, no new jobs, no money in our pockets, villages now called districts, relatives cadres and friends in gov’t and diplomat jobs. Mwabombeni.

  • comment-avatar
    Lizo 5 years

    No Name, please note that the value of the rebased kwacha remains the same and so there is nothing special that the government has done. Of course there are attendant administrative advantages, but they remain just that- admin advantages.

  • comment-avatar
    Mwanarob 5 years

    A strong currency must be backed by a strong economy. What we lack is a strong economy which will back up this overnight ‘strong currency’. This ZMK:USD – 18:1 should be backed by a strong producing industry and the chinese ambassador knows that exactly. This will seriously cost our export as our products will be much more expensive to the outside. Ask the chinese ambassador why China itself has artificially kept it’s currency low to the annoyance of all it’s trade partners, especially the USA. I agree with the ambassador – rebasing is good for China, but not Zambia. This is try and error planning of the CNP Government. God help us.

    • comment-avatar
      Woman of Substance 5 years

      Mwanarob, you are right and wrong! Right on strong economy and not rebasing as the panacie to economic challenges. But you are utterly wrong in concluding that the Chinese Ambassador knows that. He is just a Communist party cadre who knows nothing besides praising PF as they praise their leaders in China with prolonged applauses.

    • comment-avatar
      Fili Okotuya 5 years

      strange mathematics: at 5250 to 1 USD rebasing brings it to 5.250 to 1 USD. Where do you get your 18:1 from?

      • comment-avatar
        Django 5 years

        yayaya so imwe mulemona kwati fyonse mwakula fyumafye ama zero? Economics yaba PF! Muli mu chibe!

  • comment-avatar

    THE HAPLESS PF REGIME SHOULD STOP THE POOR GOVERNANCE WHICH IT HAS COPIED FROM MUGABE WHICH WILL EVENTUALLY LEAD TO INVESTOR DISTASTE AND TO THE NEW COINS LOSING VALUE WITHIN 90 DAYS.
    PERFORMANCE SO FAR HAS BEEN DISASTROUS.
    VERY SAD INDEED FOR MOTHER ZAMBIA.

  • comment-avatar
    The Sea Eagle 5 years

    the only thing pf has done ryt tho copied from mmd.

  • comment-avatar

    THE PF REGIME SHOULD STOP THE POOR GOVERNANCE WHICH IT HAS COPIED FROM MUGABE WHICH WILL EVENTUALLY LEAD THE NEW COINS LOSING VALUE WITHIN 90 DAYS.
    PERFORMANCE SO FAR HAS BEEN DISASTROUS.
    VERY SAD INDEED FOR MOTHER ZAMBIA.

  • comment-avatar
    No Name 5 years

    This is better, that currency which was in thousands was so embarrasing. I am glad some of the people who had mess up our kwacha during FTJ rule actually had to come back to rectify there mess (guy scott and sata) these are some of that cabinet who introduce thousands to our lovely kwacha.

    • comment-avatar
      Ex-con 5 years

      The kwacha was messed up during Kaunda/UNIP era. Where you born when when there was Kwacha auction?

  • comment-avatar
    Old madala 5 years

    New money, same value!

  • comment-avatar

    This is good news for the economy and as Zambian I am proud of what the government has done, thanks to PF for holding the bull by its horns.

    • comment-avatar
      john kabatisha 5 years

      Ndiwe chipuba mushindo wako.

      • comment-avatar
        James Tembo 5 years

        no insults plz

  • comment-avatar
    Owu-Mulola-Wendi? 5 years

    The govt does not need to be thanked for doing its job…that is what we are paying their salaries for. The other thing is that this won’t create any new jobs. I don’t understand what the excitement is all about. Increasing or reducing the size of your bedroom does not remove your poverty.

  • comment-avatar
    nshilimubemba 5 years

    Yes it is good to correct what you can than just moan about it did you know uk pound is stronger than a euro, a dolar, but uk is not the biggest economy in the euro zone neither the us sitting back doesnt help any one at all

  • comment-avatar
    chimbwi 5 years

    HH, any comment !?

  • comment-avatar

    If k5000 is equivalent to $1, in rebased will still be $1 to k5. This will not change any thing as zambia there still alot we need to do to improve our economy.

  • comment-avatar

    IT IS AN ILLUSION TO SAY THE KWACHA HAS STRENGTHENED.
    LOOK AT WHAT YOUR SALARIES/WAGES ARE IN RELATION TO THE USA DOLLAR AND WHAT EQUIVALENT PROFESSIONALS OR WORKERS ARE GETTING IN USA DOLLARS IN A STRONG ECONOMY LIKE RSA.
    KK STARTED THE MESS IN OUR CURRENCY THROUGH HIS SOCIALIST POLICIES AND LIBERATION CAMPAIGNS WHICH BROUGHT NO BENEFIT TO ZAMBIA. WHATSOEVER.

  • comment-avatar
    Best man 5 years

    Am sure the chinese man is laughing like;So thia is the best an African gvt can do?hahahahahahaha,

  • comment-avatar
    sitongwani 5 years

    Ati the kwacha will be stronger than the pula or rand. Ignorance is really bad. Removing zeros does not make the currency stronger bwana. The fools did not even tell you the disadvantages of rebasing.

    • comment-avatar
      offman2000 5 years

      It is true that the kwacha is numericaly stronger than the pula and rand so what is the confusion? Applaud for yourselves when you do good are you so used to failure that when successs hits you in the head you do not notice? Lessen your persimism guys…….jst saying.

  • comment-avatar
    CHOMA 5 years

    WELL DONE PF

  • comment-avatar
    wiseman 5 years

    NO Money at FNB ATMS its like we were conned that expect money on 1st jan 2013

  • comment-avatar
    nshilimubemba 5 years

    Yes SA is greater but how about the poverty with the indignous population they live in another world right in front of the afluent what can boast about see housing to the majority black

  • comment-avatar
    Bull 5 years

    Hope it was not printed in China. Chinise currency changes depending on condition of the day

    • comment-avatar
      Ex-con 5 years

      No, printed in Germany, coins minted in South Africa.

  • comment-avatar
    robyfast 5 years

    Am in opposition but this move, PF has done smothing right

  • comment-avatar
    binawandi 5 years

    It is now stronger than pula or rand

    • comment-avatar
      PFP 5 years

      Oh yes, on paper. But economically we cannot even dream to be where SA is unless you have never been there before. For instance their electrical energy installed capacity is at 44, 258MW whilst we are at 1,679MW. That will tell you the strength of their economy and not rebasing of a currency, period! Look at our country’s infranstructure, does it reflect that of a strong economy? Do we have any serious manufacturing industries to claim this?

    • comment-avatar
      Chambeshi Metals 5 years

      No it’s not. Though you have raised a pertinent question, it’s not as simplistic as the naked eye can see. The dynamics involved in rebasing are completely different from those that govern devaluation or revaluation. BOZ should have explained all these issues to the members of the public. However, you will notice that the rebasing moto has been “new money, same value”, meaning it’s still the weak Kwacha in comparative terms to USD, Rand and Pula.

    • comment-avatar
      Snake Lady 5 years

      It ‘looks’ stronger, but this is deceptive. Just look at your salary pa sate. It will reflect a one pin and five hundred kwacha. The maids will be getting 3 or 4 hundred kwacha. Strong, eh? Think again.

  • comment-avatar
    SMART GUY 5 years

    IT’S TRUE THERE ARE SIMILARITIES. IN CHINA THE HIGHEST BANK NOTE IS 100 YUAN WHICH IS USUALLY CALLED 100 RMB. AND EVEN IN TERMS OF STRENGTH IT’S ALMOST THE SAME. 100 RMD IS EQUIVALENT TO $16. WHILE OUR NEW K100 IS ABOUT $ 18

  • comment-avatar
    THE OBSERVER 5 years

    But they should invest in manufacturing also because the bulk of the $2bln went to mining,construction and trading

  • comment-avatar
    Kolwestan. 5 years

    Elyashi!! Ask Fundanga!