The one hundred kwacha note of Zambia is a denomination of the Zambian currency.[1] The current paper note, first issued in 2013, features the Freedom Statue in Lusaka, the issuing authority[2] of legal tender currency in Zambia. In the middle there is the National Assembly; the face value of the banknote is shown in words in the lower left corner, and in numerals in the other three corners, and the new printer imprint of Giesecke & Devrient at the lower right corner. There is also a buffalo on the reverse.[3] The obverse features the African fish eagle, which is considered as the primary recognition of the Zambian banknote, together with the country's coat of arms, the signature of the Bank of Zambia Governor and obligation to pay the sum indicated on the banknote, and the face value of the specified banknote and the baobab tree.[4] It is the highest denomination of banknote issued by the Bank of Zambia since January, 2013[5] when the currency was redenominated, as described in the next section.[6][7]
| (Zambia) | |
|---|---|
| Value | 100 Zambian kwacha |
| Width | 145 mm |
| Height | 70 mm |
| Security features | Holograms , multi-colours, embedded strips, microprinting, watermarks and different types of optically variable inks, and the use of design features. |
| Material used | Paper |
| Years of printing | 2013-present (current design) |
| Obverse | |
| Design | Eagle, Baobab Tree, Coat of arms |
| Design date | 2013 |
| Reverse | |
| Design | Buffalo, National Assembly, Freedom Statue |
| Design date | 2013 |
Redenomination of the kwacha with removal of three zeros
editThe old currency unit was divided by 1000, hence, removing three zeros from the preexisting K50,000, K20,000, K10,000, and K5,000. The lower denominations of K1000, K500, K100, and K50 were also divided by 1000 and the notes were replaced by 1 kwacha and 50, 10, and 5 ngwee coins respectively.[6]
History of the redenomination
editOn January 23, 2012, the Bank of Zambia proposed the redenomination of the Zambian Kwacha.[5][8] These measures were required to address costs arising from the continuous devaluation of the national currency. These measures were initially approved by the government. The continuous devaluation had been a direct result of several years of high inflation rates that affected the national economy during the late decades of the 20th century, and the early years of the 21st century.[9]
On 22 August 2012 the Bank of Zambia issued a press release stating that the changeover date for the rebased currency had been set as 1 January 2013.[10][11] The parliament assented to the recommendations on November 3, 2012, and the Redomination of Currency Act (Act 8 of 2012) was enacted on December 3, 2012.[12]
References
edit
- ^ "Currency Family". Bank of Zambia. Archived from the original on December 16, 2023. Retrieved January 11, 2018.
- ^ "Freedom Statue". Atlas Obscura. Retrieved 2024-09-04.
- ^ "Zambia new 100-kwacha note (B164) confirmed". Bank note News. Archived from the original on March 2, 2019. Retrieved January 11, 2018.
- ^ Bank of Zambia press release The features of the rebased currency Archived 2014-12-25 at the Wayback Machine
- ^ a b "Bank of Zambia hopes the introduction of new Kwacha notes will be done within 6 months". Lusakatimes.com. January 23, 2012. Archived from the original on 2023-04-08. Retrieved 2018-01-12.
- ^ a b "New Zambian Currency". kitweonline.com. December 25, 2012. Archived from the original on 2019-09-26. Retrieved 2018-01-12.
- ^ Bank of Zambia press release Presenntation to commercial banks: Identifying the genuine Zambian currency Archived 2015-09-23 at the Wayback Machine
- ^ Bank of Zambia press release Kwacha Rebasing - All you need to know! Archived 2016-09-15 at the Wayback Machine
- ^ Bank of Zambia press release Kwacha Rebasing - All you need to know! Archived 2016-09-15 at the Wayback Machine
- ^ Bank of Zambia press release: Changeover date for the rebased currency Archived 2014-08-12 at the Wayback Machine
- ^ "Bank of Zambia's Currency Rebasing Technical Guidelines dated August 2012" (PDF). Archived from the original (PDF) on 2012-10-21. Retrieved 2018-01-11.
- ^ "The Re-Domination of Currency Act 2012 - National Assembly of Zambia". Archived from the original on 2021-01-02. Retrieved 2018-01-11.