Zambia finance minister u-turn on the fake kwacha circulation

_{Zambia’s minister of finance and national planning ALEXANDER BWALYA CHIKWANDA has revealed that the mmd government awarded a German company Giesecke and Devrient (G and D) the contract to print both paper and polymer bank notes for the 2010 – 2012 period, after  a tender was floated using limited bidding method and 12 companies submitted bids.}

_{This is however contrary to the statement from the patriotic front leader Michael Sata who accused the former ruling party mmd of printing fake money which he said was in circulation.}

_{But Dr Chikwanda told parliament that the contract sum was Euro 16, 779,411.00; out of this amount the Bank of Zambia has paid Euro 12,450,709.81 for the quantities received for 2010 and 2011 and the balance, stands at Euro 4,328,701.00.}

_{He added that the total quantity of banknotes delivered so far into the country is 212 million pieces while the balance of 116 million pieces will be delivered in 2012.}

_{The Bank of Zambia as mandated by the Bank of Zambia Act No. 43 of 1996 Cap 360 of}

_{the laws of Zambia is the only issuer of Zambian Currency. The practice in recent times has}

_{been to procure currency notes for three year periods, principally for cost considerations.}

_{Mr. Speaker, for the 2010 – 2012 period, a tender was floated using limited bidding method}

_{and 12 companies submitted bids. After tender evaluation, a German company Giesecke}

_{and Devrient (G and D) was awarded the contract to print both paper and polymer bank}

_notes.

_{The finance minister emphasized the need for the Bank of Zambia to conform to the public procurement procedures in accordance with the Public Procurement}

_{Act No. 12 of 2008.}

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