K4bn old currency replaced


FINANCE minister Alexander Chikwanda yesterday told Parliament that the Bank of Zambia exchanged a total of K3, 738.70 billion of the old currency to the rebased currency as at September 4, 2015.

This followed  a question by Gwembe Member of Parliament Brian Ntundu, who wanted to find out how much money was exchanged during the transition from the old to the new currency as a result of the rebasing of the kwacha.

In his response yesterday, Mr Chikwanda said the amount represented a 97.3 per cent withdrawal rate.

Mr Ntundu, in his questions also wanted out how the old currency was disposed of, names of local and foreign institutions involved in the disposal of the old currency and whether the disposal was supervised by the Bank of Zambia and members of the public.

“Mr Speaker, the Bank of Zambia used its in-house and off-site destruction sites in disposing the old currency. Sir it is only the Bank of Zambia that undertook the destruction of the old currency,” Mr Chikwanda responded.

He said during the disposal, all destruction sessions were closely monitored by currency destruction staff, the Bank of Zambia internal security and internal audit departments.

“In addition, offsite destruction sessions are always monitored by State security. The disposal of old currency is not supervised by members of the public,” Mr Chikwanda said.