LUSAKA, Feb. 12 (Xinhua) -- Zambia's central bank on Tuesday announced that it will introduce new banknotes and coins.

The Bank of Zambia (BoZ) said the new family of banknotes and coins will include six notes and six coins and will be launched on March 31.

"This initiative, which was kick-started by the board's approval in July 2021, reflects the bank's commitment to providing currency that is secure, efficient, user-friendly and well-suited for everyday transactions," Denny Kalyalya, governor of BoZ, said in a statement.

According to the statement, a new 500 Kwacha note (about 18 U.S. dollars), the note with the largest amount, will also be added.

The central bank chief said the new series of banknotes represents a significant step forward by combining cutting-edge design with advanced features to protect against counterfeiting and other threats to the integrity of the currency.

He said the minister of finance and national planning will soon issue a statutory instrument detailing the procedures for exchanging the old currency for the new series, adding that the statutory instrument will also specify the exchange period as well as the designated exchange points.

The central bank, he added, will launch a countrywide campaign to educate the public about the new currency. Enditem

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