Zambia: Redenomination of Zambian Kwacha (ZMK)
Effective
1 January 2013
the government of the Republic of Zambia has approved the recommendation of the Bank of Zambia (BOZ) to redenominate the national currency. As a consequence, the BOZ has set the above date for the changeover to the redenominated currency as legal tender.
Changes due to redenomination
- The ISO Code of the Zambian Kwacha currency (ZMK) will be changed to ZMW, the letter “W” representing the redenominated Kwacha.
- There will be no change in the name of the national currency, which will remain the Kwacha.
- This redenomination exercise will divide the current currency denomination by one thousand (1,000), such that ZMK 1,000 (old currency) will equal ZMW 1 (new currency).
- According to the BOZ, all securities issued before but with maturity beyond 1 January 2013 will be redenominated in the new currency.
Impact on customers
Only those customers of Clearstream Banking who hold the following ISIN codes will be impacted:
| ISIN | Security name |
| XS0568622772 | ZMK FL.R IBRD-WORLD BANK (10552) 10-2013 |
| XS0614645736 | ZMK FL.R EUROP.INVEST.BK (1819) 11-2014 |
| XS0618993322 | ZMK FL.R IBRD-WORLD BANK (10603) 11-2014 |
We will notify impacted customers separately, with the relevant adjustments, upon receipt of each issuer’s confirmation.
N.B.: The Zambian Kwacha is and will continue to be eligible in Clearstream Banking as a denomination currency only; settlement in the Zambian Kwacha is not possible.
Further information
For further information, customers may contact Clearstream Banking Customer Service or their Relationship Officer.
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