The Bank of Zambia (BoZ) has announced the introduction of a new series of banknotes and coins, set to be launched on March 31, 2025. The redesigned currency will feature six banknotes—K500, K200, K100, K50, K20, and K10—as well as six coins, including K5, K2, K1, 50 ngwee, 10 ngwee, and 5 ngwee.
One major change is the transition of the K5 denomination from a banknote to a coin. The K500 and K200 notes will become the new high-value denominations, replacing the K100 and K50 as the primary store of value. Meanwhile, the K100 and K50 will now be categorized as medium-value transaction notes, replacing the current K20 and K10. The K20 and K10 will serve as small-value transaction notes, taking the place of the K5 and K2. Coins will continue to be used for small transactions and change.
The new currency series embraces Zambia’s heritage, featuring various waterfalls, animals, and native flora. The African fish eagle, a national symbol, will appear on all banknotes in flight.
The last major change to Zambia’s currency occurred in 2013 when the government rebased the Kwacha to address the effects of prolonged inflation. During the 1990s and early 2000s, inflation peaked at 188% in 1993, significantly reducing the currency’s value. The rebasing aimed to restore the Kwacha’s role as a reliable store of value, medium of exchange, and measure of worth.
BoZ Governor Dr. Denny Kalyalya emphasized the importance of maintaining inflation control to preserve the purchasing power of the currency. “If inflation is not termed, we risk losing the value of our money even the highest denomination cannot buy a bag of mealie meal, ” he warned.
The central bank has also emphasized that the new notes have enhanced durability, with the K20 and K10 featuring a blend of polymer and paper for longer life. High-value notes will incorporate advanced security features, which BoZ will explain to the public. Additionally, the K5 and K2 coins have been introduced because they are widely used, and the currency will include features to assist visually impaired individuals.
A 12-month transition period will follow the launch, after which the old banknotes will no longer be legal tender. From March 31, 2025, all banks will issue the new currency, and the Minister of Finance will sign a statutory instrument to formalize the change. The exchange of old notes for new ones will be free of charge.