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The Zambia central bank has warned of punitive measures
against the business community failure to dual display prices of goods and
services, starting tomorrow, 1st December 2012.
The warning comes as the country rebases the local
currency, the Kwacha, and further introduces new notes and coins.
A senior official in the Bank of Zambia’s technical
committee, in charge of the rebasing exercise, says the dual display system
will last up to 31st December 2012.
Fabian Hara has explained, at a briefing in the capital
Lusaka, that dual display of prices, is meant to create common understanding
among stakeholders about currency rebasing and how it will be conducted in the
country.
Hara, who is also Bank of Zambia Acting Director of
Banking, Currency and Payment Systems, says all business entities must comply
with the technical guidelines, without fail.
Meanwhile, the Kwacha yesterday further weakened against
the United States dollar, closing at between 5,255 and 5,275 at end of
business.
This is according to the Standard
Chartered bank daily economic news bulletin.
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