Several people in Zambia including the Finance minister and some Bank Of Zambia officials have stated that “the Zambian currency has been changed” or “Zambia has new currency” or “come 2013, Zambia will have a new currency”.
I wish to correct many fellow Zambians that in economics, currency rebasing or currency redenomination or currency reform as it is sometimes called, is not the same as change of currency.
Zambia’s currency still remains Kwacha even in its new appearance.Yes, we have rebased, but then it is still called Zambian Kwacha. We could have called change of currency if we have adopted another one different from the Kwacha.
For instance the Euro Zone countries except Britain changed their currencies to Euro. Zambia changed the currency after 1964 from British Pound to Kwacha. Even many other countries which fully adopted the dollar and abandoned their currencies changed their currencies. As for Zambia it is not called change of currency, but change of Zambian kwacha notes or appearance.
This is just change of kwacha notes so it must never be said to anyone that Zambia has a new currency. If it is a new currency why it is still called Kwacha?
Finally, Mary will still be called Mary even if her behaviour, or appearance or anything on her changes, unless she decides to change the name.
So you should have said, “Come 2013, Zambia will have new currency notes or new kwacha notes.”
I just wanted to share with you this piece of cake.
SOKO EDMOND
ECONOMISTS