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Zambian Kwacha: Difference between revisions
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The '''kwacha''' ( | The '''kwacha''' (ISO 4217 code: ZMW) is the currency of [[Zambia]]. It is subdivided into 100 ''ngwee''. | ||
==Etymology== | ==Etymology== | ||
The name derives from the [[ | The name derives from the [[Nyanja]] word for "dawn", alluding to the Zambian nationalist slogan of a "new dawn of freedom". The name ''ngwee'' translates as "bright" in the [[Nyanja]] language. | ||
==History== | ==History== | ||
In 1968, the kwacha, a decimal type currency replaced the short lived [[Zambian pound|pound]] at a rate of 2 kwacha = 1 pound (10 shillings = 1 kwacha). During the [[Kenneth Kaunda]] regime the value of the currency was fixed at a rate of approximately 1.2 kwacha to 1 USD. During the late eighties and early nineties a severe economic crisis emerged stemming from poor government oversight and overspending. As a result, the currency suffered from high depreciation throughout the 1990s and 2000s. By 2006, it took 4,800 kwacha to buy one | In 1968, the kwacha, a decimal type currency replaced the short lived [[Zambian pound|pound]] at a rate of 2 kwacha = 1 pound (10 shillings = 1 kwacha). During the [[Kenneth Kaunda]] regime the value of the currency was fixed at a rate of approximately 1.2 kwacha to 1 USD. During the late eighties and early nineties a severe economic crisis emerged stemming from poor government oversight and overspending. As a result, the currency suffered from high depreciation throughout the 1990s and 2000s. By 2006, it took 4,800 kwacha to buy one U.S. dollar. | ||
As of March 8, 2011, 1 US dollar was equal to 4,715 kwacha.[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=ZMW] | As of March 8, 2011, 1 US dollar was equal to 4,715 kwacha.[http://www.xe.com/ucc/convert.cgi?Amount=1&From=USD&To=ZMW] | ||
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| caption_right = Value | | caption_right = Value | ||
}} | }} | ||
In 1968, bronze 1 and 2 ngwee and cupro-nickel 5, 10 and 20 ngwee were introduced. These coins all depicted president [[Kenneth Kaunda]] on the obverse and flora and fauna on the reverse. A twelve sided 50 ngwee coin was introduced in 1979 to replace the 50 ngwee note and featured commemorative | In 1968, bronze 1 and 2 ngwee and cupro-nickel 5, 10 and 20 ngwee were introduced. These coins all depicted president [[Kenneth Kaunda]] on the obverse and flora and fauna on the reverse. A twelve sided 50 ngwee coin was introduced in 1979 to replace the 50 ngwee note and featured commemorative FAO themes. | ||
([http://web.archive.org/web/20091027005700/http://it.geocities.com/coinpc/img/416116Zambia1969.jpg click for image]). | ([http://web.archive.org/web/20091027005700/http://it.geocities.com/coinpc/img/416116Zambia1969.jpg click for image]). | ||
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| Reeded | | Reeded | ||
| [[Coat of arms of Zambia]] | | [[Coat of arms of Zambia]] | ||
| | | African elephant | ||
| 2012 | | 2012 | ||
| 1 January 2013 | | 1 January 2013 | ||
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|} | |} | ||
Until 1991, all Zambian banknotes featured a portrait of President [[Kenneth Kaunda]] on the obverse. After 1992, all notes have instead featured a | Until 1991, all Zambian banknotes featured a portrait of President [[Kenneth Kaunda]] on the obverse. After 1992, all notes have instead featured a fish eagle on the obverse. After 1989, all the reverses featured the Chainbreaker statue. In 2003, Zambia became the first African country to issue polymer banknotes. The 500 and 1000 kwacha were both printed on polymer. Although the old 20 kwacha note was still in circulation until 2012, such is the rarity of this note that most major retailers rounded prices up to the nearest 50 kwacha when calculating a total. Most items in major supermarkets were displayed using 20 kwacha in the value (e.g., 1980 kwacha). | ||
'''Banknotes of the new kwacha (2013 series)'''<ref>http://www.boz.zm/Publishing/35/35_Feartures_New_Zambian_Currency.pdf</ref><ref>http://www.boz.zm/Publishing/35/35_KWACHA_NGWEE_Presentation_COMMERCIAL_BANKS.pdf</ref><ref>[http://banknotenews.com/files/ec7802f52b8560a9e870469610f99404-2436.php Zambia rebased kwacha notes confirmed] BanknoteNews.com. January 23, 2012. Retrieved on 2013-01-24.</ref> | '''Banknotes of the new kwacha (2013 series)'''<ref>http://www.boz.zm/Publishing/35/35_Feartures_New_Zambian_Currency.pdf</ref><ref>http://www.boz.zm/Publishing/35/35_KWACHA_NGWEE_Presentation_COMMERCIAL_BANKS.pdf</ref><ref>[http://banknotenews.com/files/ec7802f52b8560a9e870469610f99404-2436.php Zambia rebased kwacha notes confirmed] BanknoteNews.com. January 23, 2012. Retrieved on 2013-01-24.</ref> | ||
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==Further reading== | ==Further reading== | ||
*{{cite news|url=http://pqasb.pqarchiver.com/thestar/doc/438803680.html|title=Bank notes that just fade away; Made-in-Canada flawed currency leaves Zambians wondering if a bill is worth 1,000 kwacha or 500|last1=Shacinda|first1=Shapi|last2=Drohan|first2=Madelaine|newspaper= | *{{cite news|url=http://pqasb.pqarchiver.com/thestar/doc/438803680.html|title=Bank notes that just fade away; Made-in-Canada flawed currency leaves Zambians wondering if a bill is worth 1,000 kwacha or 500|last1=Shacinda|first1=Shapi|last2=Drohan|first2=Madelaine|newspaper=Toronto Star|date=24 April 2005|page=A11|accessdate=20 September 2014}} | ||
==External links== | ==External links== | ||
