THE Bank of Zambia says December 1, 2012 has been set aside for vendors and chain stores to start pricing their goods with the rebased currency.

BoZ regional office director Chisha Mwanakatwe said during a press briefing on the kwacha rebasing exercise that duo pricing that commences on December 1 was voluntary while mandatory dual pricing would commence on January 1, 2013.
He said the voluntary duo pricing was meant to help the general public appreciate and understand the values of the new notes to be introduced on January 1, 2013.

Mwanakatwe said the old currency would cease to be legal tender on July 31, 2013 but would still remain available for exchange at commercial banks for a further one year.

"From 1st July 2014 to 31st December 2015, exchange of the currency will only take place at BoZ and designated agents, and no one should charge anything for changing money. There is no commission for changing this money. It's free of charge, and if anyone says let me change for you at this per cent, that is illegal," he said.

Mwanakatwe also said the central bank has put adequate security measures in place that would make it very difficult for unscrupulous individuals to print counterfeit money.

"Counterfeiters are becoming more and more sophisticated with the nature of photocopying machinery today but we'll make it very difficult for them to lessen this vice, of course you cannot completely eradicate it," he said.
Mwanakatwe said the country's inflation rate today was reasonably low to allow for the re-introduction of coins in the economy.