Ngwees run out in Chinsali District

Ngwees run out in Chinsali District

Chinsali, July 18, 2013.ZANIS…THE BUSINESS community in Chinsali
District of Muchinga Province has bemoaned the shortage of coins in
circulation in the district.

 

Chinsali District Market Chairperson Brian Bwalya said that both the
marketers and traders are finding it difficult to transact their
business due to insufficient coins in circulation.

 

Mr. Bwalya said that business has been affected due to inadequate One
Kwacha and 50 Ngwee coins among others denominations adding that
traders are finding it difficult to give change to their customers in
terms of coins.

 

ZANIS Business reports that  the market chairperson said this in an interview  in Chinsali yesterday.

 

Mr. Bwalya has observed that consumers are forced to buy more goods
and others are ending up not buying.

 

He said the absence of coins in circulation has also resulted
in prices of certain commodities going up by K1.

 

He added that prices of goods worthy K1 are being sold at K2 in order
to retain customers and for easy transaction.

 

Mr. Bwalya said despite having three Banks in the district namely
Finance Bank, Bank ABC and Zambia Indo Zambia Bank , respectively, coins seem to be a
big challenge in the district.

 

He lamented that buyers are over shooting their budgets as they are
buying more than what they had budgeted for.

 

Mr. Bwalya has since appealed to Government through the Bank of Zambia
(BOZ) to consider putting more coins in circulation especially in the
rural areas to avoid hiking of prices.

 

And Acting Finance Bank Managing, Esther Mwansa said that the Bank is
still exchanging the old currency for the new currency with the demand
of coins being high which as lead to the shortage of coins at the
financial institution.

 

Ms. Mwansa, however, said the Bank has already requested for more
coins to be supplied by ZANACO Commercial Bank in Kasama, Northern
Province.

 

She said the coins are expected to be in the district by Friday.
 Meanwhile, Bank ABC Area Branch Managing, Joseph Lwimba told ZANIS Business in
a separate interview that the Bank has received K10, 000 in K1 coins
in order to mitigate the shortage of K1 coins in the district.

 

Mr. Lwimba said the one kwacha coins arrived in the district on Friday
last week from Kasama.

 

He observed that soon after the phasing out of the old currency on
June 30, 2013, the demand for coins especially the K1 and K50 ngwee
increased abruptly adding that this led Bank ABC to request for more
coins.

 

The Manager said the Bank has gone round to inform the business
community over the arrival of K1coins saying the business community
will help to increase the coins in circulation faster as they are the
most affected.

 

 Mr. Lwimba has since assured the business community that in a week’s
time there will be enough one kwacha coins in circulation.

 

 

A snap survey by ZANIS yesterday at both the old and new market
revealed that prices of some goods have being increased by K1 for easy
transactions.