On January 1st 2013 Zambia’s currency will be rebased, removing three zeros from the existing money, with the introduction of new notes and coins. So, our highest unit of currency now K50,000 will be become K50. Our lowest unit K50 will become 5 ngwee. I guess. There are some samples of the new notes (above).
Our menu and drinks price list have to be reprinted and the process is underway.
Following new legislation in the course of the past year, we are now obliged to quote our prices in Zambian Kwacha and these will be shown on our soon to be revised website. So as not to confuse worldwide visitors to our website we are quoting in US$ alongside our 2013 room rates using the new K5 to 1US$ for the moment.
I guess everyone involved hopes that the Kwacha will hold its value for a year or two to make the operation a success. At least the chuckles when Guests ask the exchange rate and we tell them “K5000 to one” will be a thing of the past.
General confusion for a month or two? I should think so! I liked Barclays Bank’s invitation to a cocktail party next week to ‘thank our agents and to discuss the rebased currency’. I don’t drink but one can imagine some of the discussions about the new currency by those that do!
How will we feel no longer being millionaires? I suppose we’ll get used to it!