BANK OF ZAMBIA

OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS

September 4, 2012

CB Circular No : 17/2012
To : All Financial Service Providers

ISSUANCE OF THE TECHNICAL GUIDELINES FOR THE CURRENCY REBASING EXERCISE

As you are aware the Government of the Republic of Zambia, on January 23, 2012, approved the recommendation of the Bank of Zambia to rebase the Zambian Currency. The rebased currency will become legal tender on January 1, 2013, and accordingly will be accepted as a medium of exchange in the Republic of Zambia.

In order to ensure preparedness for the impending currency rebasing exercise, the Bank of Zambia has prepared these technical guidelines to provide guidance to all stakeholders on the wider implications of this exercise.

The guidelines among other things are expected to ensure the preparedness of infrastructure, accounting, banking and related software, before the January 1, 2013. The guidelines are also intended to inform all stakeholders on the different aspects of the currency rebasing exercise, so that the rebased currency can be recognized and used with ease and confidence.

The key objectives of these technical guidelines are to:

i. Promote common understanding among stakeholders about currency rebasing and how it will be conducted in Zambia; and
ii. Outline the key roles and responsibilities of various stakeholders to ensure smooth currency rebasing implementation.

The Bank of Zambia, therefore, wishes to reiterate that all commercial banks as key stakeholders must be well acquainted with the guidelines to ensure a smooth and painless implementation of the Currency Rebasing Exercise.

P.P. Bwalya K. E. Ng'andu (Dr)
DEPUTY GOVERNOR – OPERATIONS

Cc: Governor
Deputy Governor – Administration