Zambia Urged to Address Soiled Currency in Circulation
Zambia’s renowned economic expert, Mr. Kelvin Chisanga, has called on the Bank of Zambia (BOZ) to take swift action in addressing the issue of soiled currency notes circulating in the economy.
Mr. Chisanga expressed concern over the deteriorating quality of money in circulation, highlighting the need for immediate steps to ensure that only clean and usable notes are part of the domestic currency.
“It is disheartening to see the condition of the money we are handling. Many soiled notes are in circulation, and this poses a significant challenge,” Mr. Chisanga remarked.
He further emphasized that the BOZ should strengthen its supervision and systems related to money supply and circulation, with particular attention to small denominations, which are often the most affected.
The expert also noted that Zambia has not printed new notes in recent years, which is contributing to the growing scarcity of small bills. This shortage has led to difficulties in providing change for customers in supermarkets and chain stores, further exacerbating the problem.
In addition to addressing the quality of notes, Mr. Chisanga acknowledged the Bank of Zambia’s plans to push forward with a financial technological agenda in the coming years.
However, he stressed that the central bank must first focus on resolving the issue of worn-out currency, particularly smaller denominations, which are urgently needed to facilitate daily transactions.
