Zambian kwacha (sign: K; code: ZMW) is the official currency of Zambia, issued by the Bank of Zambia. It is subdivided into 100 ngwee. On 31 March 2025, the Bank of Zambia launched the new "Heritage Series"—a refreshed currency family of six banknotes (K10, K20, 50, 100, K200, K500) and six coins (5 ngwee, 10 ngwee, 50 ngwee, K1, K2, K5)—featuring enhanced security and national heritage themes. Etymology The name kwacha derives from the Nyanja, Bemba, and Tonga language word for "dawn", alluding to the Zambian nationalist slogan of a "new dawn of freedom". The name ngwee translates as "bright" in the Nyanja language.
History Prior to independence in 1964, the Rhodesia and Nyasaland pound was the legal tender of the British protectorate of Northern Rhodesia. Banknotes of 10 shillings, 1, 5, and 10 pounds issued by the Central Africa Currency Board were in circulation, together with coins of , 1, 3, 6 pence, and 1, 2, , and 5 shillings. After independence, the Bank of Zambia issued the first Zambian currency, the Zambian pound, in 1964. The issued paper bills and coins were of similar denominations as these used before independence, except for the 10 pounds note, which was never issued by the Bank of Zambia. A new design to depict the newly independent country's history and struggle was adopted. The two currencies – the Rhodesia and Nyasaland pound and the Zambian pound, were allowed to circulate in parallel until December 15, 1965, when the South Rhodesian pound bills and coins were withdrawn from circulation, except for the 3 pence coin which was allowed to circulate alongside its Zambian alternative for a brief period.
On July 1, 1966, the parliament approved the arrangements of the decimal currency system (Act 40 of 1966), changing the main currency unit to Kwacha, with one kwacha being equal to 100 ngwee. The exchange rate was set to one kwacha equivalent to ten Zambian shillings, or one half of a Zambian pound. Thus, by January 16, 1968, all Zambian pound notes and coins were removed from circulation and replaced by the new kwacha notes, and ngwee coins. The Zambian pound notes of 10 shillings, 1, and 5 pounds were changed into 1, 2 and 10 kwacha respectively, a note of 50 ngwee was issued to replace the old 5 shillings coin, alongside a new note of 20 kwacha. Ngwee coins with the denominations of 1, 2, 5, 10, and 20 ngwee replacing the existing 1, 3, 6 pence, 1, and 2 shillings coins respectively. The Zambian pound notes, and coins ceased to be a legal tender on January 31, 1974.
At the very beginning, the kwacha was pegged to the pound sterling at a fixed rate of 1.7094 kwacha per 1 pound. Yet, after the devaluation of the US dollar on August 15, 1971, Zambia broke all its currency's ties to the British monetary unit, and pegged the kwacha to the American monetary unit. These reforms resulted in a reduction of the kwacha's gold standard by 7.8%. A few months later, the British Chancellor of the Exchequer Anthony Barber, announced the demise of the Sterling area, and flotation of the sterling pound, causing Zambia to renounce the monetary privileges once enjoyed as a member state.
Throughout the years, the Zambian currency suffered high inflation, forcing the Bank of Zambia to introduce high value denominations in 2003, including 20,000 bills to facilitate transactions. In 2013, a new, redenominated kwacha was introduced. The value of Zambian currency dropped following redenomination; the exchange rate was 22 kwacha to one U.S. dollar in April 2021. After the 2021 Zambian general election saw a defeat for Edgar Lungu, the currency's depreciation was reversed; one U.S. dollar was exchanged for about 16 kwacha. Since the inauguration of president Hakainde Hichilema in 2021, the kwacha has enjoyed a steady exchange rate hovering around 17 to 19 per one U.S. dollar well into the year 2023, however following the drought, reduced economic activity and up to 15 hours of load-shedding to name a few; the economy had stagnated and the kwacha depreciated to an all time high of one U.S. dollar per 27 Zambian kwacha. Following the re-election of the UPND government under Hakainde Hichilema in August 2026, the Kwacha has hovered around 17.80 to 19.00 per US Dollar. Appreciating value after international and local markets gain confidence from a successful debt restructuring, high copper output and rule of law.
Coins
In 1968, bronze 1 and 2 ngwee and cupro-nickel 5, 10 and 20 ngwee were introduced. These coins all depicted president Kenneth Kaunda on the obverse and flora and fauna on the reverse. A twelve sided 50 ngwee coin was introduced in 1979 to replace the 50 ngwee note and featured commemorative FAO themes.
In 1982, copper-clad-steel replaced bronze in the 1 and 2 ngwee. These two were struck until 1983, with production of the 5 and 10 ngwee ceasing in 1987 and that of the 20 ngwee in 1988. Nickel-brass 1 kwacha coins were introduced in 1989 and depicted "Bank of Zambia" on the edges. The period of circulation for this coin was brief as inflation rates skyrocketed.
In 1992, a new, smaller coinage was introduced consisting of nickel-plated-steel 25 and 50 ngwee and brass 1, 5 and 10 kwacha. The coins depict the national crest on the obverse and native fauna on the reverse. The coins were issued only one year and then discontinued as the economic crisis dragged on.
All these coins, both from the older and newer series still remain legal tender. However, the value of the metal in the coins is worth more than their irrelevant face value, so they are never seen or used in normal trade. The only place coins might be seen today is when they are sold as souvenirs to tourists.
On January 1, 2013, new coins were introduced, namely for 5, 10, 50 ngwee and 1 kwacha.
Coins of the new kwacha (2013 series)
DenominationDates 5 ngwee2013–present 10 ngwee2013–present 50 ngwee2013–present 1 kwacha2013–present
Coins of the Zambian kwacha (2012 "Revaluation" issue) Value Technical parameters Description Date of issue Diameter Thickness Composition Edge Obverse Reverse Date 5 ngwee 19 mm 1.55 mm Nickel-plated steel Plain Coat of arms of Zambia Zambezi indigobird 2012 January 1, 2013 10 ngwee 20 mm 1.57 mm Brass-plated steel Plain Coat of arms of Zambia Eland 2012 January 1, 2013 50 ngwee 21 mm 1.60 mm Brass-plated steel Reeded Coat of arms of Zambia African elephant 2012 January 1, 2013 1 kwacha 24 mm 1.73 mm Nickel-plated steel Reeded Coat of arms of Zambia Zambian barbet 2012 January 1, 2013
Banknotes The Zambian kwacha was first issued in 1968 to replace the Zambian pound. The design of the kwacha bill changed as time went on, also, different bills were either introduced in or withdrawn from circulation. Seven emissions of the first kwacha are known to exist, while only one emission of the second kwacha was introduced in circulation on January 1, 2013, and still existing since then without any changes in design or security features. Each emission share similar general features in design throughout all the banknotes, with slight changes concerning the colors and the activity based theme on the reverse of the banknotes.
First kwacha (1968–2012)
First issue (1968) The first issue of the first kwacha was issued in 1968. The series comprised five banknotes of 50 ngwee, 1, 2, 10, and 20 kwacha. The obverse of the five banknotes featured a portrait of president Kenneth Kaunda in tribal outfit on the right, together with the Coat of Arms of Zambia on the left on the 50 ngwee banknote, or at upper center on the kwacha banknotes. 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. Apart from the 50 ngwee banknote, the kwacha banknotes had president Kenneth Kaunda as a watermark. Specimen banknotes were issued for each denomination, with the word SPECIMEN overprint in red sans on both the obverse and reverse.
Denomination Pick Obverse Reverse F.I1 L.I2 Description Fifty Ngwee P-4 1968 1968Obverse: Red-violet on multicolor underprint. A portrait of president Kenneth Kaunda in tribal outfit on the right. Coat of Arms on the left. A dot between the currency symbol and face value. Reverse: Southern lechwe in the Kafue Flats. Watermark: None One Kwacha P-5 1968 1968 Obverse: Dark brown on multicolor underprint. A portrait of president Kenneth Kaunda in tribal outfit on the right. Coat of Arms at upper center. A dot between the currency symbol and face value. Reverse: Farmer plowing field with tractor. Another two farmers plowing the same field with four oxen. Watermark: President Kenneth Kaunda Two Kwacha P-6 1968 1968 Obverse: Green on multicolor underprint. A portrait of president Kenneth Kaunda in tribal outfit on the right. Coat of Arms at upper center. A dot between the currency symbol and face value. Reverse: Copper mining facility. Mining tower at the center, and conveyor belt on the left. Watermark: President Kenneth Kaunda Ten Kwacha P-7 1968 1968 Obverse: Blue on multicolor underprint. A portrait of president Kenneth Kaunda in tribal outfit on the right. Coat of Arms at upper center. A dot between the currency symbol and face value. Reverse: Victoria Falls on the Zambezi River at center. Watermark: President Kenneth Kaunda Twenty Kwacha P-8 1968 1968 Obverse: Purple on multicolor underprint. A portrait of president Kenneth Kaunda in tribal outfit on the right. Coat of Arms at upper center. A dot between the currency symbol and face value. Reverse: National Assembly building in Lusaka at center. Watermark: President Kenneth Kaunda 1 First Issued, refers to the year of first issue of the actual banknote from the same emission. 2 Last Issued: refers to the year of last issue of the actual banknote from the same emission.
Second emission (1969–1973) In 1969, a second emission of the Zambian kwacha was issued. Initially, the emission comprised the same five banknotes of the first emission, and all five denominations bore the signatures of Dr Justin B. Zulu, Mr Valentine S. Musakanya, and that of Mr Bitwell R. Kuwani, the second, third, and forth governors of the Bank of Zambia, respectively, except for the 50 ngwee bills that never existed with Dr Zulu's signature, as well as the 1 kwacha bills that never showed Mr Kuwani's signature. The second emission banknotes were exactly similar to these of the first emission, except for a slight difference, in which the dot (•) between the currency symbol and the face value was removed. The banknotes were printed by Thomas De La Rue & Co. Limited, and specimen banknotes were issued for each denomination, with the word SPECIMEN overprint in red sans on both the obverse and reverse.
Denomination Pick Obverse Reverse F.I1 L.I2 Description Fifty Ngwee P-9 1970 1972Obverse: Red-violet on multicolor underprint. A portrait of president Kenneth Kaunda in tribal outfit on the right. Coat of Arms on the left. No dot between the currency symbol and face value. Reverse: Southern lechwe in the Kafue Flats. Watermark: President Kenneth Kaunda One Kwacha P-10 1969 1972 Obverse: Dark brown on multicolor underprint. A portrait of president Kenneth Kaunda in tribal outfit on the right. Coat of Arms at upper center. No dot between the currency symbol and face value. Reverse: Farmer plowing field with tractor. Another two farmers plowing the same field with four oxen. Watermark: President Kenneth Kaunda Two Kwacha P-11 1969 1973 Obverse: Green on multicolor underprint. A portrait of president Kenneth Kaunda in tribal outfit on the right. Coat of Arms at upper center. No dot between the currency symbol and face value. Reverse: Copper mining facility. Mining tower at the center, and conveyor belt on the left.