Bank of Zambia moves to ease shortage of K5, K2 coins as currency transition advances

The Bank of Zambia (BoZ) has advised the public that it will take time for the K5 and K2 coins to be fully integrated into everyday circulation, as about K14 billion worth of the new heritage series banknotes have so far been injected into the economy.

Public concerns have grown over the shortage of small denominations, with many reporting difficulties accessing change due to the slow uptake of the newly introduced coins.

In a recent podcast on the withdrawal of the old notes, BoZ Manager for Currency Front Office Operations, Patrick Phiri, explained that the distribution of coins was naturally slower compared to banknotes, citing logistical challenges.

“Imagine just to get K5 coins, just one packet with 1,000 coins I can hardly lift it. You will find the rate at which the banks are getting coins from the Bank of Zambia to distribute to their clients is a bit slower than the rate at which they are getting the banknotes,” he said.

Phiri, however, assured the public that the situation would normalise over time as the coins became fully integrated into the currency system.

To ease circulation challenges, BoZ has partnered with NATSAVE, which is making coins available through its nationwide branch network. Members of the public can walk into any NATSAVE branch to access change.

He urged patience, stressing that the reforms were aimed at modernising Zambia’s monetary system while ensuring efficiency and durability.

Phiri also disclosed that as of the end of August 2025, approximately 48 percent of the old banknotes had been withdrawn from circulation.

“We have issued about K14 billion of the new heritage series into circulation and we are still remaining with about K8 billion of the old series, which will soon be withdrawn. We expect this withdrawal process to gain momentum as we begin targeting the higher denominations such as the K100 and K50,” he said.

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