One Hundred Kwacha

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One Hundred Kwacha
(Zambia)
ValueK100
Width145 mm
Height70 mm
Security featuresHolograms , multi-colours, embedded strips, microprinting, watermarks and different types of optically variable inks, and the use of design features which prevent counterfeiting by photocopying or scanning.
Paper typePaper
Years of printing2013-present
Obverse
Zambia P-54 O.jpg
DesignEagle, Baobab Tree, Coat of arms
Design date2013
Reverse
Zambia P-54 R.jpg
DesignBuffalo, National Assembly, Freedom Statue
Design date2013

The One Hundred Kwacha banknote is a denomination of the Zambian currency.[1] The reverse features the Freedom Statue in Lusaka, the issuing authority of legal tenders in Zambia, in the middle their is the National Assembly, the face value of the banknote in words in the lower left corner, and in numerals in the other three corners and the new printer imprint Giesecke & Devrient at the lower right corner, there is also a Buffalo.[2] The obverse features the African fish eagle which considered, by far, the primary recognition feature on all the Zambian banknotes, together with the coat of arms, the signature of the Bank of Zambia Governor and obligation to pay the sum indicated on the banknote, and the face value of the specified banknote.[3] The K100 note is the largest denomination that has been printed since January, 2013 when the three zeros from the preexisting denomination K500, K1,000, K5,000, K10,000, K20,000 and K50,000 were removed.[4]


History of the 100Kwacha note

The Hundred kwacha notes were introduced by the Bank of Zambia for the first time in 1991. The earliest notes was the second the highest note after the K 500 until May 1996 when new notes where introduced the K1000, K5,000 and K10,000 as the highest note until 23rd January 2012 when Government approved the recommendation of the Bank of Zambia Board to re-denominate the national currency. The re-denominate exercise entailed the dividing of all denominational values by a denominator (1,000) and this resulted in the replacement of all Zambian banknotes and coins in circulation with the rebased currency. The Bank introduced the K2 banknote and the K100 banknotes as the highest note. The Bank has since maintained all the features of the old notes on to the rebased notes.

Removal of three zeros from the denomination

On January 23, 2012, the Bank of Zambia proposed certain measures in regards of the redenomination of the Zambian Kwacha.[5] Such recommendations were initially approved by the government, being one of the measures required to address costs associated with the continuous devaluation of the national currency, due to depreciation throughout time, as a direct result of several years of high inflation rates that characterized the national economy during the late decades of the 20th century, and the early years of the 21st century.[6] The recommendations were assented to the parliament on November 3, 2012. Later, The Re-Domination of Currency Act (Act 8 of 2012) was enacted on December 3, 2012.[7]

The old currency unit was divided by 1000, hence, removing three zeros from the preexisting K50,000, K20,000, K10,000, K5,000, and K1,000. The lower denominations of K500, K100, and K50 were also divided by 1000 and were changed into the 1 Kwacha, 50, 10, and 5 Ngwee coins respectively. On the other hand, the preexisting K20 banknote was removed from circulation due to its extremely low purchasing power.[8]

References

  1. "Currency Family". Bank of Zambia. Retrieved January 11, 2018.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  2. "Zambia new 100-kwacha note (B164) confirmed". Bank note News. Retrieved January 11, 2018.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  3. Bank of Zambia press release The features of the rebased currency
  4. Bank of Zambia press release Presenntation to commercial banks: Identifying the genuine Zambian currency
  5. Bank of Zambia press release Kwacha Rebasing - All you need to know!
  6. Bank of Zambia press release Kwacha Rebasing - All you need to know!
  7. The Re-Domination of Currency Act 2012 - National Assembly of Zambia
  8. "New Zambian Currency". kitweonline.com. December 25, 2012. Retrieved 2018-01-12.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>

External links