Canadian firm to reprint polymer notes
 

Zambia Daily Mail

16.07.04

Canadian firm to reprint polymer notes THE Bank of Zambia (BoZ) has revealed that the Canadian bank note manufacturing company that printed polymer notes have agreed to re-print new polymer notes free of charge following the fading of the notes currently in circulation.

Bank of Zambia governor Caleb Fundanga says the country should expect improved polymer notes by December this year adding that the bank has had discussions with the Canadian based company to rectify the problem.

Dr Fundanga said in an interview in Lusaka on Tuesday night that the bank was concerned by the fading of the notes saying that the firm has agreed to print new notes at a free cost.

'' The company has agreed to print at no cost, we don't have to spend, so we should be expecting to have the improved notes by December this year and am confident that the company will do a good job, we don't want the same thing to happen,'' he said.

The bank governor expressed disappointment that people did not take the fading notes to the bank for replacement but kept on complaining and urged the public to take the fading notes to any commercial or the central bank for replacement.

'' The notes have not continued fading, all notes fade we have always advised that the public should take the fading polymer notes to the bank for replacement but the rate at which public bring the notes is not encouraging,'' he said.

The BOZ introduced the polymer notes in September last year as part of some changes to the country's currency denomination structure.

The move was to significantly benefit Zambia because of the harsh circulation conditions, the high usage and replacement rates of the denominations.