Central bank to introduce the currency redinomination act

The Bank Of Zambia (Boz) Is In The Process Of Introducing The Currency Redenomination Act Which Will Legalize The Rebasing Process Of The Kwacha.

The Currency Redenomination Act Will Also Spell Out Technicalities Of How Stakeholders Such As Banks Are Suppose To Conduct The Rebasing Process.

According To Bank Of Zambia Currency Rebasing Project Manager Morris Mulomba, The Act Has Already Being Drafted And Handed Over To The Ministry Of Justice Who Are Expected To Present It To Parliament.

Mr. Mulomba Says The Act Will Be Taken To Parliament Under The Current Sitting So That It Is Debated On And Can Be Passed To Allow The Process To Start Smoothly Come 1^st January 2013.

He Further Says The Publics Response Over The Rebasing Process Has Been Positive However The Bank Has Received Questions Like What Measures It Has Put In Place To Avoid Fraudsters From Defrauding People Especially Those In Rural Areas Scrupulous People.

Mr. Mulomba Says The Bank Has Noted This And Has Since Intensified The Currency Rebassing Sensitization Programme Across The Country.

Standard Chartered Bank Zambia Plc Acting Managing Director Kelvin Musana Says The Bank Has Taken The Initiative To Host A Series Of Workshops To Carter For Its Clients And Answer All Their Concerns On Currency Rebasing.

Standard Chartered Bank Zambia Plc Rebasing Project Manager Solomon Phiri Says The Bank Has Intensified The Rebasing Process Exercise After It Announced Its 5billion Kwacha Budget To Project.

And Standard Chartered Bank Zambia Plc Country Corporate Affairs Manager Chanda Katongo Says The Bank Will Also Put Up New Rebasing Technologies On All The New Branches Which Will Be Opening Across The Country.