The Zambian kwacha
Currency · ZMW · ZK · 1 country
Named after the word for dawn in Nyanja, Bemba and Tonga, the kwacha replaced the Zambian pound in 1968 at two kwacha to the pound. The Bank of Zambia issues it. On 1 January 2013 the bank rebased it, taking three zeros off every amount, and the ISO code changed from ZMK to ZMW.
The abbreviation
The Bank of Zambia writes amounts with K before the figure, for kwacha, and ngwee with N after it, as in K500 and 50N. The ZK shown here is the form in the Unicode locale data (CLDR) this page is built from.
- ISO code
- ZMW
- ISO number
- 967
- Subunit
- ngwee, 1/100
An amount, written out
ZK 1,234.50
- ZK 1,234.50EnglishZambia
Where the Zambian kwacha is the official currency
Zambia uses the kwacha on its own, divided into 100 ngwee, a Nyanja word for bright.
About the Zambian kwacha
What the word kwacha means
Kwacha is dawn in Nyanja, Bemba and Tonga, and the name points to the nationalist slogan of a new dawn of freedom. Ngwee, the hundredth, means bright in Nyanja.
Why Zambia left the pound for a decimal unit
Before independence in 1964 Northern Rhodesia used the Rhodesia and Nyasaland pound, with notes from the Central Africa Currency Board. The Bank of Zambia issued a Zambian pound in 1964, and the two pounds circulated side by side until 15 December 1965.
The pound did not last long. On 1 July 1966 parliament approved a decimal system in Act 40 of 1966, with the kwacha as the unit and 100 ngwee to the kwacha. One kwacha was worth ten shillings, half a Zambian pound. By 16 January 1968 the pound notes and coins had been withdrawn: the 10 shilling, £1 and £5 notes gave way to notes of 1, 2 and 10 kwacha, and ngwee coins took the place of pence and shillings.
The kwacha began pegged to sterling. After the US devalued its dollar on 15 August 1971, Zambia cut its currency's ties to the British unit and pegged the kwacha to the US dollar instead.
What the rebasing of the kwacha changed
Years of inflation pushed the Bank of Zambia into large denominations, a K20,000 note among them, in 2003. On 23 January 2012 the government approved the bank board's recommendation to rebase the currency, and the rebased kwacha became legal tender on 1 January 2013.
Every amount was divided by 1,000. The K50,000 note became K50, and the lowest old notes, K500, K100 and K50, turned into coins of 50, 10 and 5 ngwee. The old K20 note was dropped altogether. With the new money came a new code. ZMK had stood for ZM, Zambia's country code, plus K for kwacha. ZMW took W, the second letter of KWACHA, to mark the rebased unit, and the numeric code moved from 894 to 967.
Which notes and coins circulate now
The Bank of Zambia issues currency under section 17(1) of the Bank of Zambia Act No. 5 of 2022. In September 2026 its list of legal tender ran to six notes, K10, K20, K50, K100, K200 and K500, and six coins, 5, 10 and 50 ngwee and K1, K2 and K5. The bank launched this Heritage Series on 31 March 2025.
The African fish eagle has been the main recognition feature of the notes since 1992. Until 1991 every note carried a portrait of Kenneth Kaunda, president at the time. Coins from before 2013 are still legal tender, but their metal is worth more than their face value, and they turn up mostly as souvenirs.
Common questions
Questions about the Zambian kwacha
What does ZMW stand for?
ZM is Zambia's country code and W marks the rebased kwacha of 2013, taken from the second letter of KWACHA. Before the rebasing the code was ZMK, K for kwacha, with the numeric code 894. Both new codes, ZMW and 967, took effect on 1 January 2013.
Why did Zambia take three zeros off the kwacha?
High inflation over the years had forced the Bank of Zambia to issue large notes, among them a K20,000 note in 2003. On 23 January 2012 the government approved the bank board's recommendation to rebase the currency, and on 1 January 2013 the rebased kwacha became legal tender. Every amount was divided by 1,000. The old K500, K100 and K50 notes turned into 50, 10 and 5 ngwee coins, and the old K20 note was withdrawn because it bought almost nothing.
Who was on Zambian banknotes before the fish eagle?
Kenneth Kaunda, then Zambia's president. His portrait appeared on every note until 1991, and on the 50 ngwee note of 1973 a fish eagle already flew beside it. From 1992 the African fish eagle took the front of the notes on its own, and it has stayed there as their main recognition feature.
How much is a ngwee?
A hundredth of a kwacha. Ngwee means bright in Nyanja, a partner to kwacha, dawn. The Bank of Zambia still issues 5, 10 and 50 ngwee coins, written 5N, 10N and 50N, alongside coins of K1, K2 and K5 and notes from K10 to K500.