One Hundred Kwacha
| Value | K100 |
|---|---|
| Width | 145 mm |
| Height | 70 mm |
| Paper type | Paper |
| Years of printing | 2013-present |
| File:Zambia P-54 O.jpg | |
| Design | Eagle, Tree, Coat of arms |
| Design date | 2013 |
| File:Zambia P-54 R.jpg | |
| Design | Buffalo, National Assembly, Freedom Statue |
| Design date | 2013 |
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]
Removal of large denomination notes (K500 and up)
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
- ↑ Lua error in Module:Citation/CS1 at line 4515: attempt to index field 'date_names' (a nil value).
- ↑ Lua error in Module:Citation/CS1 at line 4515: attempt to index field 'date_names' (a nil value).
- ↑ Bank of Zambia press release The features of the rebased currency
- ↑ Bank of Zambia press release Presenntation to commercial banks: Identifying the genuine Zambian currency
- ↑ Bank of Zambia press release Kwacha Rebasing - All you need to know!
- ↑ Bank of Zambia press release Kwacha Rebasing - All you need to know!
- ↑ The Re-Domination of Currency Act 2012 - National Assembly of Zambia
- ↑ Lua error in Module:Citation/CS1 at line 4515: attempt to index field 'date_names' (a nil value).