Maravi

Zambia in shortage of K5000 notes

Zambia in shortage of K5000 notes
By Abigail Chaponda in Ndola
Tuesday July 29, 2008 [14:18]

BANK of Zambia governor Dr Caleb Fundanga has confirmed a shortage of the five thousand kwacha note in circulation. In an interview yesterday following a shortage of the note in Ndola, a town on the Copperbelt, Dr Fundanga explained that the five thousand kwacha notes were worn out and needed to be replaced.

However, he said the new five thousand kwacha notes had been sent to all commercial banks and people would soon have them. "We have printed new notes and have already circulated them to various banks," said Dr Fundanga.

A survey in Ndola revealed that most business entities did not have the note. Shoprite Checkers sales manager for Ndola, Evans Mubanga, said the shortage of the note had affected the flow of business.
"We have been having problems with our customers because some of them do not want to be given a lot of one thousand notes as change. We just hope that Bank of Zambia can do something," he said
Mubanga said the company had been experiencing the shortage for over three weeks now.

And Chanda Musonda, a fuel attendant at Total filling station, said there had been a shortage of the note for one month. "We usually give change to a lot of people. But I have noticed that for a month now we have not been having the K5,000 notes," said Musonda.

Labels: BOZ, CALEB FUNDANGA, KWACHA

posted by MrK @ 9:27 PM