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Central Bank Delays Plan to Revalue Kwacha, Zambia Reports Says

July 4 (Bloomberg) -- The Bank of Zambia postponed a currency revaluation it planned to implement this month, Zambia Reports said, citing a central bank spokesman.

The bank delayed revaluing the kwacha because of unspecified technicalities, Kanguya Mayondi said, according to the news website based in Lusaka, the southern African country’s capital. The government of the continent’s biggest copper producer decided to revalue after the national inflation rate surged as high as 188 percent in 1993, diminishing the kwacha’s purchasing power, the bank said in a presentation on its website.

The Times of Zambia reported June 30 that the central bank will meet this week with Germany’s Giesecke & Devrient GmbH and South African Mint Co., the companies selected to produce new banknotes and coins. The revaluation, approved by the government on January 23, would remove three zeros from the currency. One U.S. dollar currently equals 5,038 kwacha.

To contact the reporter on this story: Matthew Hill in Johannesburg at mhill58@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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