|
Do you think gender considerations would compromise quality in the process of recruitment and placement?
|
|
|
The Bank shall be an equal opportunity employer at all levels of its structure. Therefore, the recruitment and placement processes shall reflect gender sensitivity at all stages without compromising on the quality of the candidates.
|
|
|
|
Why is Bank Of Zambia introducing the K50,000 and K20,000?
|
|
|
The high value notes will be introduced mainly to redistribute the value of currency across the denominations. There is presently a high concentration of value in the K10,000 and K5,000 owing to relatively high inflation that the country has been experiencing in the past. The current K10,000 and K5,000 have consequently been losing their purchasing power and have become inefficient and inconveniencing to transact in high value items. The introduction of the K50,000 and K20,000 is therefore meant to redress this problem of transactional costs. These notes will also bring about the following additional benefits:
· Cost savings derived from printing fewer notes; and
· Lower distribution costs for Bank of Zambia, commercial banks as well as other institutions.
The Bank of Zambia has also included high security features on the banknotes as well as enhanced their durability to ensure that the public deals in genuine, well protected, durable and high quality banknotes.
|
|
|
|
Won’t the new high value notes cause problems of small change?
|
|
|
The public should be aware that the high value notes (K50,000 and K20,000) are not meant for small purchases. They are meant to be used as legal tender for high value transactions. The public should avoid tendering these notes when they can easily use the existing denominations. Bank of Zambia will make available, in large quantities, the other denominations such that there really should be no need to tender high value notes for small purchases. So before you use your cash, please think and plan which denominations best fit your personal circumstances.
|
|
|
|
When will the new notes be issued in circulation?
|
|
|
We are targeting September 2003 for the new high value notes (K50,000 and K20,000) as well as the polymer notes (K1,000 and K500). The other new denominations (K10,000 and K5,000) will be issued in November 2003. However the Bank will make public announcements prior to the launch of these notes. |
|
|
|
What are the key security features of the notes?
|
|
|
There are a wide range of key security features on the Zambian banknotes. However, we generally encourage the public to concentrate on a limited number so that it reinforces familiarity. We will therefore discuss three of the common public recognition features:
The watermark: this feature is common to all paper notes and depicts the image of a head of a fish eagle when viewed against the light. On the polymer notes, the shadow image of a fish eagle’s head is depicted.
The hologram: the hologram currently appears on the K10,000 and will be seen on the K20,000 and K50,000 as well. The holograms will be upgraded by overprinting in intaglio on the hologram thereby giving additional tactility (you can feel the raised printing over the holograms). The K20,000 hologram is in the shape of Zambia (and overprinted with two Lechwes) while the K50,000 will be in the shape of a fish eagle (overprinted with an eagle in flight).
Security thread: the security thread on both the K20,000 and K50,000 is printed with “BOZ K20000” and “BOZ 50000” respectively and appears as a series of dashes when viewed away from light and as a continuous line when viewed against light. It also changes colour from red to green when viewed at different angles.
Value numerals: The size of the last three zeros in each value numeral is reduced.
|
|
|
|
How serious is the incidence of counterfeiting of Zambian banknotes?
|
|
|
Happily, the incidence of counterfeiting on the current denominations has been very low. The Bank of Zambia however, is aware of the need to continuously improve its defences against counterfeiting actions and in this regard decided to upgrade all notes against possible future counterfeiting actions. |
|
|
|
What is a polymer banknote?
|
|
|
A polymer banknote is created from a substrate which starts as a large roll of specialised clear plastic film, developed specifically to suit the requirements of banknotes. This film is produced by a reputable security company using unique, patented technology on equipment that is produced in-house; neither the production equipment nor the resultant films are available commercially. The complete production process is very complex but, in simple terms, the clear film is processed through a number of steps to create the substrate which is then printed on; it goes through the following processes:
opacifying ‑ multiple layers of specialised coatings (usually white but they can all be different if desired) are applied to each side of the clear film, except for an area(s) which is deliberately left clear, or areas where the opacifying coatings are printed on one side of the note only; at this stage, a range of other options exists, such as images and text can be printed in the clear window. Shadow images (polymer equivalents of the watermark) are created, and covert security features incorporated using a range of sophisticated technologies;
sheeting - the opacified substrate is cut into large sheets suitable for feeding into standard banknote printing presses;
printing - traditional offset, intaglio and letterpress printing machines and inks are used to print the notes; and
overcoating - the notes are coated with two coats of a specialised varnish which helps to protect the printing, keep the notes clean and also add some texture to the feel.
More sophistication can be added by including special security features at different stages, especially when used in conjunction with the clear window
|
|
|
|
Why are we introducing this new type of banknote?
|
|
|
The polymer K500 and K1,000 banknotes use the very latest world developments in banknote production technology. Its use in Zambia places us at the forefront of banknote sophistication around the world and offers our country many important benefits. |
|
|
|
What sort of benefits does the new note offer?
|
|
|
For example, use of this new type of banknote will improve the quality of notes in circulation and, importantly, save the country money. Because the new notes stay so clean and are so much more durable than paper notes, they will not wear out as quickly and therefore not require replacement so frequently.
Additionally, this new type of note is more environmentally friendly. When the notes do eventually wear out, they can be recycled into other plastic products. This is arguably a better end outcome than the current disposal methods for paper notes.
|
|
|
|
Where does the technology come from?
|
|
|
The technology was developed over a long period in Australia, where all the banknotes are made from this material. It has been a very successful move for Australia, and many other countries are now moving to have their notes printed on polymer. |
|
|
|
Where are the polymer notes being printed?
|
|
|
The polymer notes are being printed in Ottawa, Canada, by Canadian Bank Note (CBN) |
|
|
|
How many other countries are using this technology?
|
|
|
Zambia will be the 22nd country to issue polymer banknotes. |
|
|
|
Will other denominations also be printed on polymer?
|
|
|
We want to assess this first release properly before deciding about other denominations. We expect, however, that if our experience is similar to other countries, there will be clear and obvious benefits from using this technology. |
|
|
|
Will the existing paper notes be withdrawn immediately?
|
|
|
No, they will continue to circulate until they wear out. |
|
|
|
Is it hard to counterfeit polymer notes?
|
|
|
Polymer banknotes offer the opportunity to introduce very sophisticated security features that make the notes extremely difficult to counterfeit. On these notes, we have chosen at this stage to have security features that generally are fairly similar to those that are on the paper notes of the same denominations and that people are used to. However, one of the new features is the transparent window on the notes where you can see straight through it. That, in itself, provides good protection against counterfeiting. |
|
|
|
Are the polymer banknotes difficult for people to handle?
|
|
|
The new polymer notes are handled slightly differently from paper notes. Because they are on polymer, they tend to be harder to fold, and once folded they tend to be harder to flatten out again. Because of this, we recommend that wherever possible, the notes be carried or stored flat. If they do need to be flattened out, the quickest way is to “scrunch” them first in your hand and then flatten them out. Alternatively, a light pressure for a few minutes will make them flat. |
|
|
|
How resistant are they to tearing?
|
|
|
It is much harder to start a tear on these notes. That is one reason they last much longer than paper notes. However once a tear is started, it will continue very easily. For this reason we suggest that people do not staple these notes as it could result in them being torn more easily. Indeed, stapling is a practice that causes wear on every type of banknote, and we would discourage it for both paper and polymer notes. |
|
|
|
Are polymer banknotes difficult to count?
|
|
|
It is a matter of getting used to them. There is no “best method” to count them, and we would encourage people to use their existing method or experiment until they find the method of counting that suits them best. Such problems have been found to be quite minor in other countries using this technology. |
|
|
|
Where can one get the plastic that the notes are printed on?
|
|
|
The polymer used in these banknotes is not a common or standard plastic that can be obtained commercially. It is a unique material in terms of thickness, behaviour and clarity, and enables a much higher quality of print and the inclusion of unique security features, such as the transparent window. |
|
|
|
Is it true that if the notes are left in a warm place they shrivel up? And is it true that they will shrink in an oven?
|
|
|
It takes temperatures well in excess of 120ºC, well above temperatures encountered in normal use, to cause polymer notes to shrivel up. If people use a blow torch there will be problems, as there would be with paper notes. Regarding the shrinking of polymer notes when put in an oven, yes, polymer notes will shrink, but why put them there? |
|
|
|
How are old polymer notes recycled?
|
|
|
In a number of other countries, notes withdrawn from circulation are shredded; the shreds are melted down and turned into other plastic goods, such as flower pots, compost bins, plastic piping etc. |
|
|
|
Is the tender application fee refundable?
|
|
|
No, this fee is non refundable |
|