Central bank governor urges pubic to accept new coins

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BANK of Zambia (BoZ) governor Michael Gondwe says the central bank has observed with concern that some members of the public are rejecting change in the form of coins.

Dr Gondwe said coins are an important part of the national currency which help in the proper pricing of goods and services.
He said this in Ndola yesterday during the official opening of the Indo-Zambia Bank Limited (IZB) Jacaranda branch.
Dr Gondwe said unlike bank notes, coins have a longer lifespan and are highly convenient for lower value transactions. “It is in this regard that the Bank of Zambia strongly urges members of the public to utilise coins in their day-to-day transactions and not keep them,” he said.

He urged commercial banks to actively participate in the circulation of coins to help members of the public to appreciate the importance of using coins.

Dr Gondwe also called for proper handling of the new currency to preserve its lifespan.
He commended IZB for opening a second branch in Ndola.

And speaking earlier, IZB managing director Shankardas Gupta said the aggressive branch expansion initiative the bank has embarked on is not only meant to increase the number of customers, but to position the financial institution for broad-based growth.

Mr Gupta said the total business mix of the bank is now in excess of KR2.1 billion (K2.1 trillion) while customers’ continued deposits have risen to over KR1.2 billion (K1.2 trillion) with loans and advance portfolios standing at over KR850 million (K850 billion).

“The bank is also collaborating with government in implementing initiatives of national significance such as the direct deposit of revenues for the Passport and Citizenship Office at our selected branches nationwide,” Mr Gupta said.

He said IZB is happy that government is managing the economic affairs of the country prudently and has created a conducive environment for business, investment and trade which will further be enhanced by the effects of the progressive 2013 budget.

Mr Gupta said the bank will also continue working closely with BoZ on the Kwacha rebasing exercise.