As of March 31, 2025, the Bank of Zambia (BoZ) will introduce a new family of banknotes and coins to enhance transactional efficiency and align with current economic demands.

K200 Banknote: Aimed at bridging the gap between the existing denominations, providing more flexibility in cash transactions.

The transition from the current to the new currency system is planned to span 12 months, allowing the public ample time to adapt.

The new banknotes will incorporate advanced security features to combat counterfeiting and maintain public confidence in the currency.

These enhancements include holographic elements, watermarks, and improved tactile features for the visually impaired.

BoZ Governor Denny Kalyalya has assured the public that the introduction of higher denomination banknotes such as the K500 and K200 will not drive up inflation rates.

He emphasized that these changes are designed to improve transactional efficiency without impacting overall price levels in the economy.

The Bank of Zambia’s initiative to update the currency system reflects a proactive approach to evolving economic needs.

The introduction of new banknote and coin denominations aims to: Enhance transactional convenience Incorporate robust security features Align the currency structure with Zambia’s economic landscape These changes mark a significant development in Zambia’s financial sector.

After the 2021 Zambian general election saw a defeat for Edgar Lungu, the currency's depreciation was reversed; as of 27 August 2021[update] one U.S. dollar was exchanged for about 16 kwacha.

The reverse showed different activity based themes reflecting life in Zambia.

The banknotes were printed by Thomas De La Rue & Co. Limited, and bore the signature of Dr Justin B. Zulu, Bank of Zambia's second governor.

Watermark: President Kenneth Kaunda Reverse: Victoria Falls on the Zambezi River at center.

Watermark: President Kenneth Kaunda Reverse: National Assembly building in Lusaka at center.

Watermark: President Kenneth Kaunda Reverse: Victoria Falls on the Zambezi River at center.

Watermark: President Kenneth Kaunda Reverse: National Assembly building in Lusaka at center.

During the second emission period, a commemorative banknote of 1 kwacha was issued in celebration of the declaration of One-party state on December 13, 1972.

A new black and lilac on multicolor underprint was used for easy recognition, nevertheless, this was the last issue of the 50 ngwee banknotes as it was replaced later by a coin.

The two new banknotes bore the signature of Mr Bitwell R. Kuwani, and were printed by Thomas De La Rue & Co. Limited.

Watermark: President Kenneth Kaunda Reverse: Child painting and children in class at center.

Watermark: President Kenneth Kaunda Reverse: Child painting and children in class at center.

Watermark: President Kenneth Kaunda Reverse: Victoria Falls on the Zambezi River at center.

Watermark: President Kenneth Kaunda Reverse: National Assembly building in Lusaka at center.

[11] Such recommendations were initially approved by the government, being one of the measures required to address costs associated with the continuous devaluation of the national currency, due to depreciation throughout time, as a direct result of several years of high inflation rates that characterized the national economy during the late decades of the 20th century, and the early years of the 21st century.

On the other hand, the preexisting K20 banknote was removed from circulation due to its extremely low purchasing power.

[17] The reverse features the Freedom Statue in Lusaka, the issuing authority of legal tenders in Zambia, Bank of Zambia, in the middle at the top, the face value of the banknote in words in the lower left corner, and in numerals in the other three corners.

Anti-counterfeiting measures used included holograms, multi-colored bills, embedded devices such as strips, microprinting, watermarks and different types of optically variable inks, and the use of design features which prevent counterfeiting by photocopying or scanning.

[20] Reverse: President Kenneth Kaunda signing the declaration of the One-party state on the left, crowd in the middle.

Commemorative Text: THE BIRTH OF THE SECOND REPUBLIC December 13, 1972 Watermark: President Kenneth Kaunda Reverse: Portraits of the presidents of Zambia since independence in 1964 and until 2014, clockwise from top: Kenneth Kaunda, Levy Mwanawasa, Michael Sata, Rupiah Banda, and Frederick Chiluba.

Commemorative Text: 50th INDEPENDENCE ANNIVERSARY Watermark: African fish eagle head *Running Average as of 13 January 2023