Regulatory Alerts2004-01-01
CB Circular 01/2004: Polymer Banknotes
The Bank of Zambia directs all commercial banks to accept and replace polymer K500 and K1,000 banknotes exhibiting ink fading, clarifying that such degradation is a normal characteristic of non-porous polymer substrates. The circular instructs banks to process these exchanges without inconveniencing the public while reiterating its policy of circulating only clean notes and advising improved public handling methods. Additionally, the regulator highlights the exceptional durability of polymer notes compared to paper currency, warns against deliberate mutilation which carries legal penalties, and urges citizens to report such illegal acts.
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