‘People holding on to coins’
By KENNEDY MUPESENI
SOME people are reportedly holding on to the coins every time they come across them instead of releasing them back into the market.
Traders in Lusaka have called on the Bank of Zambia (BoZ) to sensitise members of the public to stop hoarding the coins to increase their circulation on the market.
Some investigations have shown that most people are allegedly keeping the coins at home or their offices and they would rather make payments using the notes, the situation that has led to the low circulation.
The BoZ re-introduced the use coins on the market with effect from January 1, 2013 following the rebasing of the local currency.
Traders talked to said most people were keeping the bank coins for various reasons instead of putting them in circulation resulting in few coins in circulation.
Roydah Phiri who sells vegetables at City Market said there was a limited circulation of coins making it difficult for the traders and customers to start trading in the new currency.
“The reason there is low coin circulation is that many people are keeping the money in homes and the other one is that Automated Teller Machines (ATM) are not dispensing the coins, hence the shortage,” Ms Phiri said.
James Bwalya who sells foodstuffs at City Market attributed the low coin circulation to the lack of appreciation by the members of the public of the low value coins.
Mr Bwalya said the members of the public were having a challenge in carrying coins because they were not yet used to carrying them fearing that they could easily be lost.