BoZ engages police to fight counterfeit money

THE Bank of Zambia (BoZ) has engaged the police to intensify the fight against counterfeit money and has urged the public to report people refusing lower denomination notes and coins.
BoZ director banking and currency payment system Lazarus Kamanga said the central bank is concerned about the issue of counterfeit notes and would never want anyone to be a victim.
Mr Kamanga said in an interview that any suspicious banknotes discovered during transactions should be reported to the nearest police station or BoZ offices.
“The central bank wants to address the issue of counterfeit money and we would never want anyone to be victims because it contributes to the distraction of the economy. We have rejected this vice and we are working with the security wings to ensure that the culprits are brought to book,” he said.
He said BoZ will ensure people engaging in counterfeit money are arrested and appear in court.
He also said the central bank has embarked on a sensitisation programme to ensure that the public are educated on how to identify fake money.
Mr Kamanga said the programme will be implemented countrywide.
“The public need to take care whenever they are dealing with money, especially the highly denomination notes such as K100 and K50 because they are the most counterfeited.
“We also want to take advantage of the media to help us educate the public because they need to be informed and scrutinise the notes they receive to ensure that they are paid genuine money,” he said.
Meanwhile, he has called on the public to report any person refusing low denomination notes such as five and 10 ngwee.
Mr Kamanga said people should not refuse money because it’s a legal tender.
“It is a crime to refuse money, we have received some reports of some people refusing low denomination notes especially in rural areas. If you do not want to keep a lot of coins, deposit in the bank,” he said.

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