Saturday, January 05, 2013

(DAILY MAIL ZM) Explain new money, directs Sata

Explain new money, directs Sata
By YANDE SYAMPEYO

PRESIDENT Sata has directed all Patriotic Front (PF) members of Parliament to visit their constituencies and assist Government in raising awareness about the rebased currency. This is according to a circular to all PF parliamentarians dated January 3, 2013.

Mr Sata directed the MPs to visit their constituencies as well as those held by the opposition to educate people on the new currency and the need to change their old currency.

“Would you please make an effort to visit your constituencies and those which belong to other political parties and urge the people of Zambia to change their old currency before the end of June this year,” the circular reads in part.

This is according to a statement released yesterday by the President’s spokesman, George Chellah.

Mr Sata further told the parliamentarians to inform him on the difficulties people are facing with the rebasing exercise.

The head of State, who explained that it is an internationally established practice to rebase a currency during periods of low and stable inflations, expressed confidence that the rebasing of the Kwacha will continue without hindrance.

The rebased currency was introduced on Tuesday and will be used side-by-side with the old currency until June 30, 2013.

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