Certainly! Here is the comprehensive financial history report of Zambia in International English, based primarily on the official Bank of Zambia sources and verified data:

Comprehensive Financial History Report of Zambia

Basic Information about Zambia

• Official country name: Republic of Zambia

• Official language: English

• Country ISO code: ZM

• Current official currency: Zambian Kwacha

• Currency ISO code: ZMW (formerly ZMK before redenomination in 2013)

Monetary History of Zambia

Early Currency: British Pound and Rhodesia and Nyasaland Pound

• Before independence in 1964, Zambia (then Northern Rhodesia) used the British pound sterling and the Rhodesia and Nyasaland pound as legal tender.

• Banknotes included denominations such as 10 shillings, 1, 5, and 10 pounds, issued by the Central Africa Currency Board.

• Coins included pence and shillings in various denominations.

Zambian Pound (1964–1968)

• Upon independence in 1964, Zambia introduced its own pound, replacing the Rhodesia and Nyasaland pound at par.

• The Zambian pound was subdivided into 20 shillings, each of 12 pence.

• Banknotes issued included 10 shillings, £1, and £5.

• Coins were introduced in denominations such as 6 pence, 1 shilling, 2 shillings, 5 shillings, and 1 penny.

• The Zambian pound circulated alongside the old currency until decimalization.

Introduction of the Zambian Kwacha (1968)

• The Kwacha was introduced on 16 January 1968, replacing the Zambian pound at a rate of £1 = 2 Kwacha (K).

• The Kwacha is a decimal currency: 1 Kwacha = 100 Ngwee.

• Initial banknotes included K1, K2, K10, and K20; coins included 1, 2, 5, 10, 20, and 50 Ngwee.

• The Kwacha was initially pegged to both the British pound and the US dollar, with various adjustments in the early 1970s.

Currency Changes and Inflation (1970s–1990s)

• Throughout the 1970s and 1980s, Zambia experienced high inflation and economic challenges, leading to depreciation of the Kwacha.

• New denominations were introduced: K50 in 1986, K100 and K500 in 1991.

• Coins of K1 and K2 replaced the corresponding banknotes; smaller coin denominations gradually disappeared due to inflation.

• The design of banknotes changed in the early 1990s to feature the Fish Eagle and national symbols instead of portraits of heads of state.

Redenomination and New Kwacha (2013)

• Due to continued inflation, Zambia redenominated its currency on 1 January 2013, removing three zeros.

• The new Kwacha (ZMW) replaced the old Kwacha (ZMK) at a rate of 1000 old Kwacha = 1 new Kwacha.

• New banknotes were issued in denominations of K2, K5, K10, K20, K50, and K100.

• Lower denominations such as K500, K100, and K50 coins were converted to 50, 10, and 5 Ngwee coins respectively.

• The old currency was withdrawn from circulation by mid-2013.

Currency Denominations (Current)

• Banknotes: K2, K5, K10, K20, K50, K100

• Coins: 5, 10, 50 Ngwee; 1 and 2 Kwacha coins are also in circulation but less common.

Economic and Monetary Context

• The Kwacha has experienced significant depreciation over the decades due to inflation and economic challenges, including fluctuations in copper prices (Zambia’s main export).

• The Bank of Zambia manages monetary policy aiming to stabilize the currency, control inflation, and support economic growth.

• Since 2021, the Kwacha has seen relative stabilization against the US dollar, though economic challenges such as drought and power shortages have impacted the economy.

• The Kwacha’s exchange rate has fluctuated widely, reaching historic lows around K27 per USD in 2023.

Summary of Zambian Currencies

Additional Information

• Banknotes feature national symbols such as the Fish Eagle, Victoria Falls, and wildlife.

• Commemorative coins and notes have been issued for national events.

• The Bank of Zambia periodically updates currency designs to enhance security and durability.

• The Kwacha remains the sole legal tender in Zambia.

This report provides a detailed overview of Zambia’s monetary history, highlighting the transition from the pound to the Kwacha, the redenomination process, and the current economic context affecting the currency.

Please let me know if you would like a translation into Portuguese (Brazilian) or if you want to proceed with another country!