With the re-basing of the Kwacha so close, there is need for strategic plans on the part of government and people/ organisations involved. Software has to be configured to enable the handling of the rebased currency. Coins have to be given special recognition as this has been missing from our economy for some time. All these calls for banks and other inancial institutions to be given time to run around and organise themselves.
Just imagine, if the rebase was to happen today, how many ATMs would cope? What currency would the ATM have? What will happen to the software in banks having to run with rebased and normal currency notes simultaneously?
These are critical questions to any rebasing and the banks and other financial institutions have a perspective which matters on this aspect. The bank system must be ready to handle all possible situations that may rise from rebasing. And that requires time. But then again, we seem not to have time.
So the government came with a statutory instruments to handle such a time that banks need. So 31st December is a full time bank holiday. No banks, ATMs or Financial institutions are supposed to open. They have to sort out their software, ATMs and any other matter that would make the rebasing a challenge. They can best do it without worrying about the clients in the bank or the ATMs. And by the time they finish, only rebased notes will be in the ATMs and that will be 2013!!!
So if you plan on having a good New Year's eve, please have your cash ready as no ATMs will serve you.
I think it is a great idea to make sure all things move smoothly. I know how unbearable things get when you are trying to sort out some items and some clients are on your neck. This should help with the rebasing and we could move smoothly to 2013 and ZMW currency!
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