Fading polymer notes to be replaced
 

Zambia Daily Mail

2004

Fading polymer notes to be replaced THE Bank of Zambia (BoZ) has announced that new Polymer notes have been printed and are currently being distributed countrywide.

Central Bank governor, Caleb Fundanga, said during a joint press briefing with the Canadian Bank Note Limited, the company contracted to print the Polymer notes, that the Bank had stepped up the distribution of the new notes to replace the defective ones, which had shown apparent signs of fading.

He said the distribution exercise was expected to continue through the month of March, starting with K500 notes.

BoZ director banking, currency and payment systems, Morris Mulomba, said there was about K27 billion of the old notes currently in circulation. He said about 42 million notes would be introduced.

Canadian Bank Note Limited vice-president - marketing, Kevin Pritchard said: "Since it first became apparent that the 2003 issue of the Polymer notes were showing signs of accelerated wear, BoZ and Canadian Bank Notes Limited have been working hard to ensure that we fully understand this phenomenon which has not been seen in the other 22 countries where the Polymer notes have been distributed since 1988."

Both parties recognised the urgency to replace the notes, and all measures were taken to ensure the new notes were as resistant to the new type of wear as modern technology would make them.

"Consequently, every aspect of the 2004 notes has been checked and counter-checked, and where appropriate, we have brought in consultants from other organisations with specific and relevant experience and skills. We have involved respected institutions and individuals from around the world in this project," Mr Pritchard said.

He attributed the accelerated fading in the 2003 Polymer notes to some of the inks used in printing and said the Canadian Bank Notes had changed the said inks for the 2004 issue.

He said the changes were not experimental and would be printed according to the already existing specifications like the Mexican 20 Pesos denomination.

The Mexican 20 Pesos denomination had been in circulation for more than two years.

He said the Zambian polymer notes that faded quickly could have been exposed to harsh handling conditions.

He said the 2004 issue was reprinted at the Canadian Bank Notes' expense and made an assurance that the new issue would be stronger and more durable than the 2003 polymer notes.

And Dr Fundanga said the upgraded bank notes would look and feel similar to the 2003 series of polymer notes, with the distinguishing features, however, being the year the notes were printed shown on the Coat of Arms as 2004.

He said other visual features would remain unchanged.