BoZ warns against melting coins

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The Bank of Zambia has advised members of the public to use coins for appropriate transactions and urgently report anyone found selling or destroying coins for any perceived extra value.

This follows reports that there are some unscrupulous people who are buying 50 Ngwee coins with the issue date 2013 from the public with a view to melt these for their alleged metal contents.

According to a statement issued to ZANIS in Lusaka today by the Bank of Zambia Head of Communications, the intrinsic value of the four coins denominations currently in circulation, namely K1, 50n, 10n and 5n is far less than their face value as the coins are made of steel blanks which are electroplated.

The Bank of Zambia further cautioned the public that it is a criminal offence for one to destroy the currency and that anyone found committing this crime will be liable to a maximum of two years imprisonment.

Meanwhile, the bank of Zambia is this year commemorating its 50 years of existence since its establishment in August, 1964.

The golden jubilee, which is being commemorated under the them; ‘50 years of central Banking: Repositioning for the Future”, has a number of activities that have been lined up, which include a school quiz across all the ten provinces of Zambia.

The Central Bank said the quiz is meant to evaluate the level of knowledge that youths have on the role of the bank in the Zambian economy and on the operations of the bank as an institution.

The quiz’s preliminary contests are expected to commence on 15th September, 2014 in various provincial centers after which provincial representatives will compete in quarter finals in Ndola for the Northern region and in Lusaka for the Southern region, while the semi-finals will be held in Lusaka.