The old Zambian money was measured in Kwacha and Ngwee, just like the new rebased currency which came into circulation on 1st January 2013.
Kwacha and ngwee is a phrase in one of the local Zambian languages. Kwacha and Ngwee stands for Its dawn and clear!, referring to the freedom and independence which was granted after a vicious struggle with the colonial Masters.
The old Zambian currency was denoted by the symbol ZMK. The Kwacha is divided into 100 ngwees.
In the year 2003, the Zambian government as the first African country, printed its K 500 and K1, 000 notes on polymer.
The old notes featured an African Fish Eagle on one side and various animals on the reverse side.
Old Fifty Thousand Note
Old Fifty Thousand Note - Reverse Side
The Kwacha had been divided into 100 ngwees. However, due to inflationary pressures, prices were rounded up to the nearest fifty kwacha using the old currency. As of 1st January 2013, the day of rebasing from the old to the new Zambian money, the old Kwacha was approximately, US$1.00 equal to Zmk 5,100.00. The old kwacha will be in circulation side by side with the new one untill 30th June 2013.
Commentary on the Zambian inflation rate. Check the current and updated figures here!
The cement companies in Zambia are contributing to the construction industry in the country.
Zambian names are a reflection of significant social events in somebody's life.