View source for Zambian Kwacha

{{Infobox currency
<!--  Commented out because image was deleted: | image_1 = Zambia K1000.jpg -->
| image_title_1 = 1000 Zambian kwacha
| iso_code = ZMW
| using_countries = {{flag|Zambia}}
| inflation_rate = 8.7%
| inflation_source_date = ''[https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html The World Factbook]'', 2011 est.
| subunit_ratio_1 = 1/100
| subunit_name_1 = ngwee
| symbol = ZMW
| frequently_used_banknotes = 2, 5, 10, 20, 50, 100 kwacha
| frequently_used_coins = 5, 10, 50 ngwee and 1 kwacha
| issuing_authority = [[Bank of Zambia]]
| issuing_authority_website = {{URL|www.boz.zm}}
}}

The '''kwacha''' (ISO 4217 code: ZMW) is the currency of [[Zambia]]. It is subdivided into 100 ''ngwee''.

==Etymology==
The name derives from the [[Nyanja]] word for "dawn", alluding to the Zambian nationalist slogan of a "new dawn of freedom". The name ''ngwee'' translates as "bright" in the [[Nyanja]] language.

==History==
In 1968, the kwacha, a decimal type currency replaced the short lived [[Zambian pound|pound]] at a rate of 2 kwacha = 1 pound (10 shillings = 1 kwacha). During the [[Kenneth Kaunda]] regime the value of the currency was fixed at a rate of approximately 1.2 kwacha to 1 USD. During the late eighties and early nineties a severe economic crisis emerged stemming from poor government oversight and overspending. As a result, the currency suffered from high depreciation throughout the 1990s and 2000s. By 2006, it took 4,800 kwacha to buy one U.S. dollar.

As of March 8, 2011, 1 US dollar was equal to 4,715 kwacha.[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=ZMW]

As of January 23, 2012, 1 US dollar was equal to 5,120 kwacha [http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=ZMW]

As of August 03, 2015, 1 US dollar was equal to 8.7 kwacha [https://www.cia.gov/library/publications/the-world-factbook/geos/za.html]

==2013 rebasing==
On 22 August 2012 the Bank of Zambia issued a press release stating that the changeover date for the rebased currency had been set as 1 January 2013.<ref>Bank of Zambia press release: [http://www.boz.zm/Publishing/35/35_Changeover.pdf Changeover date for the rebased currency]</ref><ref>[http://www.boz.zm/Publishing/35/35_TechnicalGuidelines%204-9-2012.pdf Bank of Zambia's Currency Rebasing Technical Guidelines dated August 2012]</ref> The new ISO code will be <code>ZMW</code> (formerly <code>ZMK</code>). Initial reaction to the move was positive. Razia Khan, head of Africa research at Standard Chartered commented saying, “The rebasing might be kwacha positive, to the extent that it is a continued commitment to low, and stable inflation”. On January 1, 2013 the new Zambian kwacha was introduced at a rate of 1000 old kwacha = 1 new kwacha.<ref>http://www.postzambia.com/post-read_article.php?articleId=29963</ref> Until June 30, 2013 the old notes remained legal tender alongside the new kwacha notes.<ref>http://www.boz.zm/Publishing/35/35_Changeover%20Date0001.pdf</ref>

==Coins==
{{Coin image box 1 double
| header = 5 kwacha in 1992
| image = Image:Zambian 5 kwacha.JPG
| width= 180
| position = right
| caption_left = [[Coat of arms of Zambia|Coat of arms]]
| caption_right = Value
}}
In 1968, bronze 1 and 2 ngwee and cupro-nickel 5, 10 and 20 ngwee were introduced. These coins all depicted president [[Kenneth Kaunda]] on the obverse and flora and fauna on the reverse.  A twelve sided 50 ngwee coin was introduced in 1979 to replace the 50 ngwee note and featured commemorative FAO themes.

([http://web.archive.org/web/20091027005700/http://it.geocities.com/coinpc/img/416116Zambia1969.jpg  click for image]).

In 1982, copper-clad-steel replaced bronze in the 1 and 2 ngwee. These two were struck until 1983, with production of the 5 and 10 ngwee ceasing in 1987 and that of the 20 ngwee in 1988. Nickel-brass 1 kwacha coins were introduced in 1989 and depicted "Bank of Zambia" on the edges. The period of circulation for this coin was brief as inflation rates skyrocketed.

In 1992, a new, smaller coinage was introduced consisting of nickel-plated-steel 25 and 50 ngwee and brass 1, 5 and 10 kwacha. The coins depict the national crest on the obverse and native fauna on the reverse. The coins were issued only one year and then discontinued as the economic crisis dragged on.

All these coins, both from the older and newer series still remain legal tender. However, the value of the metal in the coins is worth more than their irrelevant face value, so they are never seen or used in normal trade. The only place coins might be seen today is when they are sold as souvenirs to tourists.

On January 1, 2013 new coins were introduced, namely for 5, 10, 50 ngwee and 1 kwacha.<ref>http://www.boz.zm/Publishing/35/35_KWACHA_NGWEE_Presentation_COMMERCIAL_BANKS.pdf</ref>

'''Coins of the new kwacha (2013 series)'''

{|class = "wikitable"
!Denomination!!Dates
|-
| 5 ngwee||2013–present
|-
| 10 ngwee||2013–present
|-
| 50 ngwee||2013–present
|-
| 1 kwacha||2013–present
|-
|}

{|class="wikitable" style="font-size: 90%"
!colspan="9"|Coins of the Zambian kwacha (2012 "Revaluation" issue)
|-
!rowspan="2"| Value !!colspan="4"| Technical parameters !!colspan="3"| Description !!rowspan="2"| Date of issue
|-
! Diameter !! Thickness !! Composition !! Edge !! Obverse !! Reverse !! Date
|-
|- {{Coin-silver-color}}
| 5 ngwee
| 19&nbsp;mm
| 1.55&nbsp;mm
| Nickel-plated steel
| Plain
| [[Coat of arms of Zambia]]
| [[Zambezi indigobird]]
| 2012
| 1 January 2013
|-
|- {{Coin-yellow-color}}
| 10 ngwee
| 20&nbsp;mm
| 1.57&nbsp;mm
| Brass-plated steel
| Plain
| [[Coat of arms of Zambia]]
| [[Taurotragus|Eland]]
| 2012
| 1 January 2013
|-
|- {{Coin-yellow-color}}
| 50 ngwee
| 21&nbsp;mm
| 1.60&nbsp;mm
| Brass-plated steel
| Reeded
| [[Coat of arms of Zambia]]
| African elephant
| 2012
| 1 January 2013
|-
|- {{Coin-silver-color}}
| 1 kwacha
| 24&nbsp;mm
| 1.73&nbsp;mm
| Nickel-plated steel
| Reeded
| [[Coat of arms of Zambia]]
| [[Zambian barbet]]
| 2012
| 1 January 2013
|-
|}

==Banknotes==
The Currency Act of 1967 replaced the Zambian pound, shilling, pence currency for new kwacha and ngwee currency. Thus on 16 January 1968, the Zambian pound was replaced by the kwacha with the new official rate equal to one half the old unit, or US$1. The 5-pound note became 10 kwacha, the 1-pound note 2 kwacha, the 10-shilling note 1 kwacha, and a new 50-ngwee note was introduced to correspond to the old 5 shillings. At the same time, the currency was decimalized.<ref>{{cite book | last1 = Linzmayer | first1 = Owen | title = The Banknote Book | chapter = Zambia | publisher = www.BanknoteNews.com | year = 2012 | location = San Francisco, CA | url = http://www.banknotebook.com}}</ref>

5 kwacha notes were introduced in 1973, the same year that the last 50 ngwee notes were issued. 50 kwacha notes were introduced in 1986, with the 1 kwacha note being replaced by a coin in 1988. 100 and 500 kwacha notes were introduced in 1991, followed by 1000, 5000 and 10,000 kwacha in 1992, when the 5 and 10 kwacha notes were replaced by coins and the 2 kwacha discontinued. In 2003, 20,000 and 50,000 kwacha notes were introduced.

{|class = "wikitable"
!Denomination!!Dates
|-
|50 ngwee||1968-1973
|-
|1 kwacha||1968-1988
|-
|2 kwacha||1968-1989
|-
|5 kwacha||1973-1989
|-
|10 kwacha||1968-1991
|-
|20 kwacha||1968-1992
|-
|50 kwacha||1986-2013
|-
|100 kwacha||1991-2013
|-
|500 kwacha||1991-2013
|-
|1000 kwacha[[File:Zambia K1000.jpg|thumb|197x197px]]||1992-2013
|-
|5000 kwacha||1992-2013
|-
|10,000 kwacha||1992-2013
|-
|20,000 kwacha||2003-2013
|-
|50,000 kwacha||2003-2013
|}

Until 1991, all Zambian banknotes featured a portrait of President [[Kenneth Kaunda]] on the obverse. After 1992, all notes have instead featured a fish eagle on the obverse. After 1989, all the reverses featured the Chainbreaker statue. In 2003, Zambia became the first African country to issue polymer banknotes. The 500 and 1000 kwacha were both printed on polymer. Although the old 20 kwacha note was still in circulation until 2012, such is the rarity of this note that most major retailers rounded prices up to the nearest 50 kwacha when calculating a total. Most items in major supermarkets were displayed using 20 kwacha in the value (e.g., 1980 kwacha).

'''Banknotes of the new kwacha (2013 series)'''<ref>http://www.boz.zm/Publishing/35/35_Feartures_New_Zambian_Currency.pdf</ref><ref>http://www.boz.zm/Publishing/35/35_KWACHA_NGWEE_Presentation_COMMERCIAL_BANKS.pdf</ref><ref>[http://banknotenews.com/files/ec7802f52b8560a9e870469610f99404-2436.php Zambia rebased kwacha notes confirmed] BanknoteNews.com. January 23, 2012. Retrieved on 2013-01-24.</ref>

{|class = "wikitable"
!Denomination!!Dates
|-
|2 kwacha||2013-
|-
|5 kwacha||2013-
|-
|10 kwacha||2013-
|-
|20 kwacha||2013-
|-
|50 kwacha||2013-
|-
|100 kwacha||2013-
|}

==See also==
*[[Zambian Shillings]]
*[[Economy of Zambia]]

==References==
{{reflist}}
{{refbegin}}
*{{numis cite SCWC|date=1991}}
*{{numis cite SCWPM|date=1994}}
{{refend}}

==Further reading==
*{{cite news|url=http://pqasb.pqarchiver.com/thestar/doc/438803680.html|title=Bank notes that just fade away; Made-in-Canada flawed currency leaves Zambians wondering if a bill is worth 1,000 kwacha or 500|last1=Shacinda|first1=Shapi|last2=Drohan|first2=Madelaine|newspaper=Toronto Star|date=24 April 2005|page=A11|accessdate=20 September 2014}}

==External links==
* [http://worldcoinnews.blogspot.com/2012/09/zambia-2012-new-coin-family.html New Zambian coinage dated 2012]

{{n-start}}
{{n-before|currency=[[Zambian pound]]|ratio=2 kwacha = 1 pound}}
{{n-currency|location=[[Zambia]]|start=1968|end=31 December 2012}}
{{n-after|currency=Second kwacha|reason=convenience of exchange|ratio=1 second kwacha = 1000 first kwacha}}
{{n-end}}

{{n-start}}
{{n-before|currency=First kwacha|ratio=1 second kwacha = 1000 first kwacha}}
{{n-currency|location=[[Zambia]]|start=1 January 2013}}
{{n-after}}
{{n-end}}
{{Exchange Rate|ZMW|ZAR}}
{{Economy of Zambia}}

[[Category:Zambian currency]]
[[Category:Money]]