Author Topic: New Currency Code for Zambia  (Read 6141 times)

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Offline Harald

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New Currency Code for Zambia
« on: August 31, 2012, 08:56:58 PM »
From the ISO 4217 maintenance agency: http://www.currency-iso.org/iso_amendments_latest.htm
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Effective from 1 January 2013, the following change will be made

ZAMBIA

Currency: Zambian Kwacha
Alphabetic code : ZMW
Numeric code : 967
Minor unit : 2

The change is due to the deletion of three zeros. The conversion rate is 1000 (old) Zambian Kwacha to 1 (new) Zambian Kwacha (1000:1).
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Offline Figleaf

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Re: New Currency Code for Zambia
« Reply #1 on: August 31, 2012, 09:41:25 PM »
Some background.

The Zambian Kwacha (ZMK) was introduced in 1968 at a rate of 50p (UK) to the Kwacha. Today, ZMK 4000 will get you 50p. Practically all of the loss of value took place in the last 15 years.

Zambia is one of the poorest countries on earth. Almost 70% of the population lives below the poverty line. Its economy depends on copper and agriculture. The last two years were exceptionally good for the economy, as food prices increased, helping the farmers and copper prices floated up on the weakness of all major currencies. Growth in those two years amounted to a mere 6%. Due to increased food prices, inflation currently stands at over 6% MONTHLY.

The economy is dollarised to a considerable degree. Chances are that the new currency will be largely irrelevant also, except to the poor.

Peter
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Offline Coinsforever

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Re: New Currency Code for Zambia
« Reply #2 on: September 01, 2012, 12:37:44 AM »
From the ISO 4217 maintenance agency: http://www.currency-iso.org/iso_amendments_latest.htm
--
Effective from 1 January 2013, the following change will be made

ZAMBIA

Currency: Zambian Kwacha
Alphabetic code : ZMW
Numeric code : 967
Minor unit : 2

The change is due to the deletion of three zeros. The conversion rate is 1000 (old) Zambian Kwacha to 1 (new) Zambian Kwacha (1000:1).
--

Harald , thanks for sharing the link frankly I never knew & was unaware of ISO code or standard applicable for currencies.


Cheers ;D
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Offline Enlil

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Re: New Currency Code for Zambia
« Reply #3 on: September 03, 2012, 01:50:35 AM »
Some background.

The economy is dollarised to a considerable degree. Chances are that the new currency will be largely irrelevant also, except to the poor.

Peter
So that is still 70% of the population, so likely it will not be irrelevant.

Offline Figleaf

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Re: New Currency Code for Zambia
« Reply #4 on: September 04, 2012, 06:30:29 AM »
The poor do the least amount of transactions and they do the most in barter. This really is one of he poorest countries on earth.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.