Zambia one hundred kwacha note
The one hundred kwacha note of Zambia is a denomination of the Zambian currency.
The current paper note, first issued in 2013 features the Freedom Statue in Lusaka, the issuing authority of legal tenders in Zambia, in the middle there is the National Assembly, the face value of the banknote in words in the lower left corner, and in numerals in the other three corners and the new printer imprint Giesecke & Devrient at the lower right corner, there is also a Buffalo on the reverse. The obverse features the African fish eagle which is considered as the primary recognition of the Zambian banknote, together with the coat of arms, the signature of the Bank of Zambia Governor and obligation to pay the sum indicated on the banknote, and the face value of the specified banknote and the Baobab Tree.
It is the highest denomination of banknote issued by the Bank of Zambia since January, 2013 when the three zeros from the preexisting denomination K500, K1,000, K5,000, K10,000, K20,000 and K50,000 were removed.
Common Monetary Area
While the formal arrangements date back to 1974, they ultimately stem informal arrangements spanning back to prior to the formation of the South Africa in 1910 and when the South African Reserve Bank was formed 1921, the South African pound became the sole circulating legal tender in the territories that today form the CMA alongside Bechuanaland (now Botswana). This arrangement continued when the South African pound was replaced by the South African rand in 1961. The lack of monetary policy discretion, a formal framework for consultation and sharing of seignorage by South Africa for the smaller territories led to protracted negotiations which ultimately resulted in the formal 1974 agreement, however Botswana decided against joining the formalized arrangements and pursued an independent currency with its own central bank.
In 1989 the CMA changed its exchange restrictions because of some limitations in the conversion of balances consequence of the termination of the agreement of one party. The CMA was replaced by the present Multilateral Monetary Area (MMA) in February 1992, when Namibia formally joined the monetary union. In 1993 Namibia issued its own currency, the Namibian dollar.