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The Bank of Zambia (BoZ) has announced the introduction of a new family of banknotes and coins, which will be launched on March 31, 2025. According to BoZ Governor Dr. Denny Kalyalya, the new currency family is designed to provide a secure, efficient, and user-friendly medium of exchange for everyday transactions.
The new currency family consists of six banknotes, denominated in K500, K200, K100, K50, K20, and K10, and six coins, denominated in K5, K2, K1, 50N, 10N, and 5N. The design of the new currency draws inspiration from Zambia’s rich heritage, featuring elements that celebrate the country’s unique flora and fauna, as well as its breathtaking waterfalls.
Dr. Kalyalya emphasized that the alpha code (ZMW), numeric code (967), and currency symbol (K) will remain unchanged, as will the value of the currency. He also announced that the Minister of Finance and National Planning will soon issue a Statutory Instrument (SI) detailing the procedures for exchanging the old currency for the new.
The SI will specify the exchange period, as well as the designated exchange points across the country where the public can exchange their old currency for the new currency. This initiative, which was approved by the Board in July 2021, reflects the Bank’s commitment to providing a currency that meets the evolving needs of the Zambian economy.
The introduction of the new currency family is expected to enhance the security and efficiency of transactions, while also promoting financial inclusion and economic growth. As the launch date approaches, the Bank of Zambia will continue to engage with stakeholders to ensure a smooth transition to the new currency.
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