Zambian kwacha
The Kwacha (ISO 4217 code: ZMW) is the currency of Zambia. It is subdivided into 100 "Ngwee".
Zambia one hundred kwacha note
The old currency unit was divided by 1000, hence, removing three zeros from the preexisting K50,000, K20,000, K10,000, K5,000, and K1,000. The lower denominations of K500, K100, and K50 were also divided by 1000 and were changed into the 1 Kwacha, 50, 10, and 5 Ngwee coins respectively.
On January 23, 2012, the Bank of Zambia proposed certain measures in regards of the redenomination of the Zambian Kwacha. Such recommendations were initially approved by the government, being one of the measures required to address costs associated with the continuous devaluation of the national currency, due to depreciation throughout time, as a direct result of several years of high inflation rates that characterized the national economy during the late decades of the 20th century, and the early years of the 21st century. On 22 August 2012 the Bank of Zambia issued a press release stating that the changeover date for the rebased currency had been set as 1 January 2013.
The recommendations were assented to the parliament on November 3, 2012. Later, The Redomination of Currency Act (Act 8 of 2012) was enacted on December 3, 2012.