THE Bank of Zambia (BoZ)’s revelation of reports of some unscrupulous individuals who are buying 50 ngwee coins with the issue date 2013 from the public, with a view to melting them for their alleged metal content, is distressing.
Truly, the behaviour of those selling the said coins and those buying them is counterproductive considering the fact that these coins, which are being destroyed now, were minted at a great Government expense.
The Central Bank asserts that the intrinsic value of the four coin denominations currently in circulation, namely, one Kwacha, 50 Ngwee, 10 Ngwee and five Ngwee are far less than their face values.
It is, therefore, mind-boggling as to why these people could buy the coins, melt them and only to get a lower value from the final products or indeed get less amounts of proceeds from the sale of the final products!
We, in that vein, call for thorough investigations on this criminal usage of the coins in question to establish the real motive for the destruction of these coins.
It is not enough to dismiss the alleged usage which should be, logically-speaking, more profitable than the coins themselves, otherwise why should the people take the trouble of selling and buying the coins?
There is need to take these reports seriously and follow them up with appropriate action to ensure that this burgeoning problem is abated at its premature stage.
It has become imperative to ascertain as to whether the resultant materials from the melting of these coins are being used locally or they are being taken outside the country and, if so, to which countries!
Quite alright, the coins could be made of steel blanks which are electroplated or taken through the process used to change the surface properties of the steel base in all the coins with a thickness of 25 microns!
This, however, should not make the authorities just fold their hands and do nothing about it because, as they say, “there is no smoke without fire.”
In our view, proactive actions will help the authorities to find a lasting solution to this vice and ensure that the perpetrators are dealt with by the firm and long-hand of the Law.
After all, the BoZ has told the nation that it is a criminal offence to destroy currency and that anyone found committing this crime would be liable to a sentence of up to two years imprisonment.
Section of 38 (1) paragraph (c) of the Bank of Zambia (Amendment) Act, Cap 360 of the Laws of Zambia states that:
“Any person who willfully defaces, mutilates or pierces a coin issued by the bank shall be guilty of an offence and shall be liable, upon conviction, to a fine not exceeding five thousand fine units or to imprisonment….”
Armed to the teeth with this law, the authorities, including the law-enforcement agencies, should become vigilant and proactive in detecting this criminal activity.
The two-year imprisonment, which is the maximum sentence, should be a deterrent enough to curb this vice and all that is needed is for the authorities to move in swiftly and come down hard on the perpetrators who would serve as examples.
Furthermore, we call on all well-meaning and law-abiding citizens of Zambia to join in the clampdown exercise on people who would want to cash in on this Government property by destroying the coins.
Looking at it from another angle, this could also just be a reminder to the trading community to intensify the acquisition of vending machines so that people could be offered another direct opportunity to use the coins.
One of the major arguments advanced by the proponents of the reintroduction of the coins in the economy was that they will be used through the vending machines.
However, more than one year down the line following the reintroduction of the coins, only a few such machines are currently in use in the country. OPINION