The Bank of Zambia (BoZ) has withdrawn about 97 percent of the old Kwacha banknotes from circulation and expects to complete the exercise within the next two months, APA learnt here Monday.BoZ director responsible for the project Lazarus Kamanga said the process of withdrawing the old banknotes from circulation had captured over 97 percent of the old money equivalent to about K4.6 billion (about US$740 million).
He said the old notes had successfully been replaced with new ones with no disruptions to commercial transactions in the economy.
He said the old notes were mostly in commercial banks and were being swapped with new ones.
The Zambian government introduced new banknotes last year that knocked off three zeros from the currency and introduced smaller denominations and coins that had been eroded because of the large notes. Currently the largest note is now at 100 Zambian Kwacha from the previous K100,000.
The new and old notes were however both legal tender for a transition period of six months and thereafter were only dealt with by commercial banks while the public only used the new rebased notes.