The Bank of Zambia BOZ has appealed to the business entities to begin the process of training their employees on how best to manage the various aspects of currency rebasing.
The BOZ has also announced that beginning January 1st 2013, up to June 30, the dual display of prices for goods and services for the current currency and the rebased currency will become mandatory.
BOZ Acting Director for Banking, Currency and Payment Systems Department, Fabian Hara said this during a media briefing on Dual Display of Prices for Goods and Services in Lusaka this morning.
Mr. Hara says that business entities should train their employees on how best to manage the various aspects of currency rebasing including how to make the conversions from old currency to rebased currency.
And Mr. Hara says that effective 1st to 31st December 2012, dual display of prices by merchants and entities will be optional.
He further says that during the transition period, 1st January to 30th June 2013 the dual display of prices for goods and services shall be mandatory and that anyone who fails to abide will face penalties.