New banknotes for Zambia
As announced Zambia issued new kwacha banknotes on 1 January 2013. Basically they kicked three zeros from their previous notes. This rebasing of their currency leaves with them K100, K50, K20, K10, K5 and K2 notes and coins for K1, 50 ngwee, 10 ngwee and 5 ngwee.
From 1 July 2013, the old currency will not be accepted anymore, but it will be exchangeable for a year thereafter for the new currency at the Bank of Zambia, commercial banks and designated agents. The new currency will get the symbol K. And what do the new notes look like? Click:
Update: sadly this rebasing of the kwacha has prompted some people to deceive others, particularly with the old and new K100 notes, as can be read in this article.
The old K100 banknote is a low value banknote and is now equivalent to 10 Ngwee in the redenominated banknotes while the new K100 banknote is equivalent to K100, 000 in the current family of banknotes.
Good day.
I have several of the old banknotes – pre 2013. Does the rebasing now mean that the notes are worthless?
Thanks