Zambia revalues kwacha by removing three zeros

According to an article in The Post Online dated 23 January 2012, the government of Zambia has agreed to Bank of Zambia plans to revalue the currency by removing three zeros from all denominations of the kwacha. Currently the largest denomination banknote is 50,000 kwacha (US$9.75), which will become 50 kwacha under the revaluation plan.

No details yet on when new notes will be issued, or if old notes will be overprinted as a provisional measure.

However, according to two documents (Tender For Procurement of New Rebased Zambian Currency - Paper Banknotes and Tender For Procurement of Paper Banknotes - K2 and K100), the Bank of Zambia is seeking bids from the following shortlist of security printers:
  • De La Rue Currency, United Kingdom
    Giesecke & Devrient, Germany
    Orell Fussli Security Printing Limited, Switzerland
    Francois Charles Aberthur [sic] Fuduciaire, France
    South African Bank Note Company (Pty) Limited, South Africa
    Goznak, Russia
Two of the terms of the contact that are interesting to collectors are that "the printer’s name [imprint] shall appear on the banknotes" and that "the supplier shall provide 500 specimen notes, free of charge, of each denomination." The contract also breaks down the number of notes required for each denomination (2, 5, 10, 20, 50, and 100 kwacha) over a three-year period. It's unclear if the notes will be issued 2012-2014, or simply dated as such.

Also of interest are the technical specifications which detail the overall designs and security features of the notes, and which specify that the notes are to be printed on "cotton based substrate" of the printer's chosing, not polymer.

Courtesy of Thomas Krause.