By MAIMBOLWA MULIKELELA –

A total of K3.72 trillion old currency has so far been withdrawn from circulation, representing 96.6 per cent withdrawal rate, the Bank of Zambia (BoZ) has said.

The Central Bank said measures have also been taken to beef up supply of the new rebased currency in Shang’ombo, Western Province and Nabwalya area in Mpika District.

BoZ acting head of public relations Besnat Mwanza said the Central Bank was fully satisfied that the rebasing exercise was a success reflected by the 96.9 per cent withdraw rate of the old currency in circulation as at December 27, 2013.

Ms Mwanza said as at December 27, 2012, a total of K3.84 trillion of old currency was in circulation and so far K3.72 trillion had been removed.

She said the remaining balance from circulation was K116.17 billion, equivalent to 3.1 per cent.

“This is certainly a notable achievement given the fact that a relatively full change over of the currency in circulation can only be achieved over a period of time and some of the currency will never be recovered due to destruction or permanent loss,” she said.

On January 1, 2013, the Kwacha was rebased and Ms Mwanza said: “The bank is therefore, fully satisfied that the rebasing has been a success reflected in part in the smooth change-over of the currency and the near 100 per cent withdrawal of the old currency.”

She said the Bank of Zambia had received isolated reports of lack of new currency in circulation in some far flung areas such as Nabwalya and Shang’ombo.

Ms Mwanza said the bank had taken measures to ensure that these areas are adequately supplied with the new currency using various means such as direct cash exchange or by engaging agents such as Zampost to carry out the exchange exercise.