The Bank Governor’s comments comes after Cabinet approved the rebasing of the Zambian kwacha by dividing the current notes by 1000.
This will consequently result in the removal of the three zero’s from the denominations of K 1,000 kwacha and above.
Therefore 1 000 , 5 000, 10,000 and 50 000 kwacha will become K1, K5, K 10 and K 50 respectively while the other smaller denominations will be in coin form.
Good on you Zambia. Whatever the complex economics behind it, there is something symbolic about choosing to be one of the countries where one unit of currency means something. Instead of one of those places where everyone is a millionaire every time they get paid. Tough to take a country seriously when your own currency is worth so much more than theirs. Especially when it's not necessary. Of course, now I'll have to visit again to see the new K1 notes.