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.
Economy of Zambia
Lack of balance-of-payment support meant the Zambian government did not have resources for capital investment and periodically had to issue bonds or otherwise expand the money supply to try to meet its spending and debt obligations. The government continued these activities even after balance-of-payment support resumed. This has kept interest rates at levels that are too high for local business, fuelled inflation, burdened the budget with domestic debt payments, while still falling short of meeting the public payroll and other needs, such as infrastructure rehabilitation. The government was forced to draw down foreign exchange reserves sharply in 1998 to meet foreign debt obligations, putting further pressure on the kwacha and inflation. Inflation held at 32% in 2000; consequently, the kwacha lost the same value against the dollar over the same period. In mid- to late 2001, Zambia's fiscal management became more conservative. As a result, 2001 year-end inflation was below 20%, its best result in decades. In 2002 inflation rose to 26.7%. However, in 2007 inflation hit 8%, the first time in 30 years that Zambia had seen single digit inflation.