Regulatory Alerts2012-01-01
Changeover Date for the Rebased Currency
The Bank of Zambia issued Circular 15/2012 to mandate that the rebased currency, denominated in ZMW, becomes legal tender on 1 January 2013. Financial institutions must adapt their systems by 30 November 2012 and ensure that all transactions, ATM dispensing, and customer payouts utilize the new currency from the effective date. A transition period allowing simultaneous circulation of old and new currency runs until 30 June 2013, after which the old currency ceases to be accepted for ordinary transactions.
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