Bank of Zambia (Withdrawal and Exchange of Currency) Regulations, 2025

These Regulations are titled the Bank of Zambia (Withdrawal and Exchange of Currency) Regulations, 2025, and they come into operation on 31st March, 2025.

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Jurisdiction: Zambia
Instrument: Statutory instrument
Citation: SI 9 of 2025
Version: 25 Mar 2025
Language: en
Official source: View official record ↗

bank notes exchange banking banknotes cash circulation cash exchange compliance currency exchange deadline exchange fees financial services inspections legal tender risk management supervision

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These Regulations are titled the Bank of Zambia (Withdrawal and Exchange of Currency) Regulations, 2025, and they come into operation on 31st March, 2025. This section defines key terms used in these Regulations, including the appointed date, expiry date, existing banknotes, withdrawal, and related banking and financing terms. The Bank must begin withdrawing specified banknotes from circulation, with K20/K10/K5/K2 starting from the appointed date and K100/K50 starting on 1 September 2025. Existing banknotes must be exchanged within the stated periods and cannot be accepted as legal tender after the expiry date. Existing banknotes must be exchanged free of charge.

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Provisions of Bank of Zambia (Withdrawal and Exchange of Currency) Regulations, 2025

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1
(1) These Regulations may be cited as the Bank of Zambia
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AI-assisted research summary: These Regulations are titled the Bank of Zambia (Withdrawal and Exchange of Currency) Regulations, 2025, and they come into operation on 31st March, 2025.

1. (1) These Regulations may be cited as the Bank of Zambia (Withdrawal and Exchange of Currency) Regulations, 2025. Title and commence- ment (2) These Regulations shall come into operation on 31st March, 2025.
2
Section 2
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AI-assisted research summary: This section defines key terms used in these Regulations, including the appointed date, expiry date, existing banknotes, withdrawal, and related banking and financing terms.

2. Inthese Regulations, unless the context otherwise requires— Interpretation “appointed date” means 31st March, 2025; “Bank” has the meaning assigned to the word in the Act; “bank” has the meaning assigned to the word in the Banking and Financial Services Act, 2017: Act No. 7 of 2017 “existing banknotes” means the existing legal tender in circulation prior to the appointed date, which shail remain in circulation until the expiry date; “expiry date” means 31st March, 2026; “National Savings and Credit Bank of Zambia” means the National savings and Credit Bank of Zambia established under the National Savings and Credit Act; “proliferation financing” has the meaning assigned to the words in the Anti-Terrorism and Non-Proliferation Act, 2018; “terrorism financing” has the meaning assigned to the words in the Anti-Terrorism and Non-Proliferation Act, 2018; and “withdrawal” refers to the action of removing or ceasing to circulate the existing banknotes referred to under these Regulations. Cap.423 Act No. 6 of 2018 Act No. 6 of 2018 Copies of this Statutory Instrument can be obtained from the Government Printer, P.O.Box 30136, 10101 Lusaka Price K8.00 each 98 Statutory Instruments 25th March, 2025 Withdrawal of existing banknotes
3
Section 3
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AI-assisted research summary: The Bank must begin withdrawing specified banknotes from circulation, with K20/K10/K5/K2 starting from the appointed date and K100/K50 starting on 1 September 2025.

3. (1) The Bank shall commence the withdrawal from circulation of the following existing banknotes from the appointed date: (a) (b) (c) (d) K20; K10; K5; and K2. (2) The Bank shall commence the withdrawal from circulation of the following existing banknotes from 1st September, 2025: (a) (b) K100; and K50. Exchange of existing banknotes
4
Section 4
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AI-assisted research summary: Existing banknotes must be exchanged within the stated periods and cannot be accepted as legal tender after the expiry date.

4. (1) The existing banknotes that are withdrawn under regulation 3 shall be exchanged within the following periods: (a) (b) the existing banknotes referred to under regulation 3(1) shail be presented for exchange from the appointed date until the expiry date; and the existing banknotes referred to under regulation 3(2) shall be presented for exchange from 1st September, 2025 until the expiry date. (2) The existing banknotes shall, during the pericds referred to under subregulation (1), be presented for exchange at the following locations: (a) _ the head office in Lusaka and the regional office in Ndola for the Bank; (6) (c) acommercial bank within the Republic; or a branch of the National Savings and Credit Bank of Zambia. (3) On the expiry date— (a) (b) existing banknotes shail not be legal tender within the Republic; and existing banknotes shall not be accepted for exchange at the locations referred to under subregulation (2). (4) The Bank, a bank or any other business entity shall not accept the existing banknotes as legal tender after the expiry date.
5
Section 5
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AI-assisted research summary: Existing banknotes must be exchanged free of charge.

5. The exchange of the existing banknotes shall be done free of charge. Charges for exchange 25th March, 2025 Statutory Instruments
6
Section 6
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AI-assisted research summary: The Bank, banks, and the National Savings and Credit Bank of Zambia must set up appropriate risk management systems and take adequate measures when exchanging existing banknotes.

6. The Bank, banks and the National Savings and Credit Bank of Zambia engaged in the exchange of the existing banknotes shall establish appropriate risk management systems and take adequate measures to address money laundering, terrorism financing, proliferation financing or any other serious offence.
7
Section 7
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AI-assisted research summary: The Bank may inspect business entities, together with any other supervisory authority, to check compliance with the Act and these Regulations.

7. The Bank may, in conjunction with any other supervisory authority, carry out inspections of business entities to ensure compliance with the Act and these Regulations.
8
Section 8
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AI-assisted research summary: A person must not exchange existing banknotes in a way that breaches these Regulations.

8. (1) A person shall not exchange the existing banknotes in contravention of these Regulations. (2) A person who contravenes subregulation (1) or any provision of these Regulations commits an offence and is liable, on conviction, to a fine not exceeding five hundred thousand penalty units or imprisonment for a term not exceeding five years, or to both. 99 Risk management, money | Jaundering, etc. Inspections General offence and penalty LUSAKA 21st March, 2025 [MENP/EMD.101/24/5] Dr S. MuSOKOTWANE, Minister of finance and National Planning

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Bank of Zambia (Withdrawal and Exchange of Currency) Regulations, 2025

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