Rebased Kwacha - K50.00

The once mighty ninja (K50.00) is back. This time dwarfed only by the introduction of K100.00.

So another one worth looking at is the K50.00 which is a re-based K50,000.00. Of course this just looks like the washed out note when you look at the colour. But I do love the new look and far better than the old one.

So the K50.00 note is the second highest note in the new Kwacha. It has to be one we should be familiar with at all times.

Rebased Kwacha - K10.00

I have just got news people have been demanding for the new kwacha like mad. So Kwacha Economics thinks you should see the different notes and see if they really live up to the "New Money Same Value" idea.

K10,000.00 has now become K10.00. Ideally, this is supposed to be of same value and the touch of looking similar just adds some good to it. Below are the front and back. 

I think it really is new money same value for this one. Anyone thinking otherwise?

Happy New Year - 2013

Kwacha Economics wishes you all a Happy New Year. May we move together in the New Year and hopefully be better than 2012.

::: HAPPY NEW YEAR - 2013 :::

Customs Duty Suspension - Sports Euipment and Articles

I have always wondered if people really pay attention to changes to the law especially after the budget is presented. I know everyone has figures of how much they will pay in terms of Pay As You Earn (PAYE), but do we take time to look at other issues as we may have benefits that we miss out. Do tourism enterprises for example know about the suspension on articles for their business? 

I will be doing some highlighting of some important legal changes so that you can benefit from these changes. Let me start with this one.

S.I. No. 94 of 2012 was published on Friday 28th December. This particular S.I. suspends customs duty on sports equipment and articles used in sports. I thought I should look at this one to promote interest of "health" nation. The suspension is from 1st January, 2013 to 31st December, 2016. That's three (3) years of suspension.

This makes it cheaper as when you import these articles, you wont pay customs duty (but will pay for VAT or Excise duty if its applicable). So take time and look for the S.I. and invest in good physical exercise equipment. It is unfortunately that this country has retailers who benefit and will maintain the prices while not paying the customs duty. But if you are informed you can benefit from this little exercise.

New Kwacha

So all the talk about the new Kwacha has slowly died with everyone wondering how it will look, feel and change our economy.

There was that talk about ZMK 100.00 looking exactly like ZMW 100.00 (or if our simplified language K100.00 looking like KR 100.00). The alarm arising because one is useless and the other is the most power note ever!

Well, sadly for con men and women, it will be hard to pass one for the other unless one has not seen them both. Which could be a worry.

Kwacha economics is probably the only blog in love with our currency and should live up to expectations by making sure you see these before you can touch them. 

So here is to the new Kwacha.... a new dawn in Zambian economics. Proudly brought to you by Kwacha Economics:

This is an opportunity to start afresh with fresh notes new political regime (hopefully without primitive cadre mentality).

See the colours adding a value to our money? Thats what is needed to this economy. New notes, fresh ideas and a zeal to progress and be important economically.

I have deliberately removed the serial numbers and made sure all have bands to make sure these are used for the simple purpose of educating each other and not funny ideas.

You will notice that the KR 100.00 is different from the one people are used to and have been piling up for funny activities. Tough luck if we spread the word about the notes

Last Day To Withdraw Money (30th December, 2012)

Today is the last day that ATMs will be working. So if you have no cash, you can only get it on New Year's day.

Bank Holiday on the 31st of December, 2012. No banks or financial institution (including ATMs) will be operating. No ATMs, only cash will be used mailo.

Bank Holiday Pt. 2: Banks, ATMs will be closed

Bank Holiday

December 31st, 2012 has been declared a Bank Holiday. I have heard a lot of people missing this point and some think it is just an intention.

The holiday was declared and a statutory instrument issued to that effect. Moreover, the Re-domination of Currency Bill, was passed in Parliament and is now an Act. So the day is a holiday.

What to Expect on 31st December, 2012

All banks, ATMs and Other financial institutions will remain closed to the public. There will be of course their staff working as the day was declared a holiday for the transition to the new Kwacha (the Re-based Kwacha). All software need to be installed and launched will be done on that day and any short-comings rectified before 1st January, 2013.

So you wont use the ATMs. Of course strategic places like International Airports, Border points will have working ATMs and some banks, but the rest of the country will not. So if you will need money for the usual New Year Eve running around, make sure you have it in cash. For emergencies, run to the Airport! All ATMs will be loaded with the new notes (ZMW and not ZMK) in readiness for 1st January, 2013.

I'm not sure about swiping. You may have to find out on that issue. 

The good news at the moment is that most banks have already started implementing the new Kwacha (ZMW). What is interesting is that some banks (wont mention them) did not plan well on the issue and did not implement critical issues related to the change. Most businesses also did not know that this would actually cost them money to upgrade not only infrastructure but software as well. So the new Kwacha is here, but are we ready to start working with it just now? Coins, new kwacha scent, etc

Do counters have places to place the coins? Do you have machines to count the new notes? Do we have places to get vending machines from? 

Welcome come the new year with the new Kwacha! Kwachaecon will be there for the first notes and will upload as soon as it comes in.

Happy kwacha economy.