The Bank of Zambia [BOZ] has said there is no need for people to worry and panic over the rebased Kwacha because it has enough security features to protect them from unscrupulous people.
BOZ project manager for currency rebasing Moris Mulomba said that people should not feel cheated out of their money by traders because aws to protect them from unscrupulous businessmen who might want to cheat them on prices were already in place.
Mr. Mulomba said this when he featured on a special program on CBC Television that people were safe because the Bank had taken in to account the fears before it could state that it was safe to release the new notes. He however, said the sensitization exercise was ongoing because the banks’ interest was to have every person reached with
information about the notes.
He called on members of the public to report any business person hiking prices by taking advantage of the rebased Kwacha. Meanwhile trading in Zambia today is interesting as sellers quote prices in the rebased currency and buyers reminding sellers on what the rebased amounts are in case they forget.
The Zambian Eye went to the shops where prices have been quoted in both the rebased and old amounts for the past three months and to the
black market where things seem to have changed overnight.
Second hand clothing traders known as salaula are having a time of their life by calling on customers to buy clothes at a rebased cost. Susan Kabangu, a second hand cloth trader who was selling children’s clothing at the old K10 000 was calling for her customers to buy at K1 instead of K10.
“Come and buy children’s clothing at only K1 and I can assure you that you will not get a better deal elsewhere because others are still selling in thousands,” she said. And a check at most banks in town found people anxiously waiting to get their turn to the Automated Teller Machines [ATM] so that they can have a feel of the new currency.