• Short Summary

    ZAMBIA SWITCHED TO DECIMAL CURRENCY THIS WEEK, CHANGING POUNDS AND PENCE FOR KWACHAS AND NGWEE....?

  • Description

    ZAMBIA SWITCHED TO DECIMAL CURRENCY THIS WEEK, CHANGING POUNDS AND PENCE FOR KWACHAS AND NGWEE.... VERNACULAR NAMES MEANING DAWN AND BRIGHT.

    THE KWACHA, WORTH 11 SHILLINGS AND 8 PENCE STERLING, IS DIVIDED INTO 100 NGWEE, AND THE OLD CURRENCY WILL CONTINUE TO BE LEGAL TENDER FOR SOME TIME, ALTHOUGH THE NOTES AND COINS WILL GRADUALLY BE WITHDRAWN.

    THERE WERE BIG QUEUES IN GROUPS, POST OFFICES AND BANKS ON D-DAY. THE PUBLICITY CAMPAIGNS MOUNTED BY THE GOVERNMENT AND BY INDUSTRY AND COMMERCE HAD REACHED THEIR PEAK IN THE FEW DAYS BEFORE THE TRANSITION, AND ZAMBIANS WERE FACED WITH THE REALITY OF THE TRANSITION.

    THE GOVERNOR OF THE BANK OF ZAMBIA SAID THAT AFTER D-DAY THERE WOULD BE WHAT HE CALLED THE ODD SOUL WHO'D NEVER HEARD OF KWACHA AND NGWEE... BUT ONCE HE WENT TO BUY CLOTHING OR FOOD, HE'D SOON FIND OUT WHAT IT WAS ALL ABOUT.

    BY MID-MORNING OF D-DAY THE BANK OF ZAMBIA REPORTED THAT THE CHANGEOVER WAS GOING VERY SMOOTHLY. ONE REASON FOR QUEUES SEEMED TO BE A MISTAKEN BELIEF THAT THE OLD CURRENCY WOULD IMMEDIATELY BECOME VALUELESS. BANKS AND POST OFFICES WERE PARTICULARLY CROWDED AS PEOPLE QUEUED TO CHANGE THEIR MONEY, AND TO BUY FIRST DAY ISSUES OF NEW POSTAGE STAMPS.

    THE NEW NOTES ARE SLIGHTLY SMALLER THAN THE OLD ONES, AND FOR THE FIRST TIME THEY BEAR THE PORTRAIT OF PRESIDENT KAUNDA. THE DATE FOR THE CONVERSION....AFTER CHRISTMAS AND BEFORE THE JANUARY PAY-DAY....WAS CAREFULLY CHOSEN BECAUSE IT'S THE TIME OF YEAR WHEN THE AMOUNT OF MONEY IN CIRCULATION IS LOWEST.

    BUT THERE WAS ONE DISAGREEABLE SIDELINE TO THE CHANGE....THE PRICES OF BEER AND OF PETROL WERE INCREASED ON D-DAY.

  • Tags

  • Data

    Film ID:
    VLVAD53C7KDEQKYHE6YDOVHMEF1JW
    Media URN:
    VLVAD53C7KDEQKYHE6YDOVHMEF1JW
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    18/01/1968
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:02:17:00
    Time in/Out:
    /
    Canister:
    N/A

Comments (0)

We always welcome comments and more information about our films.
All posts are reactively checked. Libellous and abusive comments are forbidden.

Add your comment