The Bank of Zambia (BoZ) has announced that it will roll out newly designed 50 and 100 Kwacha banknotes starting September 1, 2025.
According to the Central Bank, a total of K9.9 billion worth of old notes has already been withdrawn from circulation—representing 43% of the total supply. The remaining old banknotes will be completely phased out by March 2026.
Speaking during the Monetary Policy Rate media briefing, BoZ Governor Dr. Denny Kalyalya explained that the change is part of the Bank’s broader currency management strategy. He also revealed that the BoZ has been actively purchasing gold to strengthen Zambia’s foreign exchange reserves and diversify the country’s international asset holdings.
On the economic front, the Monetary Policy Rate has been maintained at 14.5%, as inflation continues to ease. Zambia’s annual inflation rate dropped to 13.0% in July 2025, down from 14.1% in June, driven largely by a bumper maize harvest during the 2023–2025 farming season and stable fuel prices maintained by the Energy Regulation Board.
Dr. Kalyalya noted that both food and non-food inflation have shown a steady decline, with expectations that the downward trend will continue in the coming months.
