caleb m fundanga : the new k10, 000 banknote in zambia opening remarks by dr caleb m fundanga, governor of the bank of zambia, at the official launch of the new k10, 000 banknote, bank of zambia, lusaka, 16 june 2008. * * * • members of the press • official from commercial banks present • ladies and gentlemen i wish to welcome you all to the bank of zambia. the objective of this press briefing is to announce the introduction of the new k10, 000 banknote in our economy. the new k10, 000 banknote will be put into circulation as early as this week. by showing you the new k10, 000 banknote first, we expect that you will, in turn, help us to inform the public about this new banknote. in order for us to help you understand the new k10, 000 banknote, we have produced posters and will make a short power point presentation. the posters are showing the main public recognition and security features of the new k10, 000 banknote. let me from the outset inform you that although we are calling it a new k10, 000 banknote, most of the features on the banknote are still the same as those on the current k10, 000 banknotes. the differences can best be detected by comparing this new k10, 000 banknote with the current k10, 000 banknotes in circulation. ladies and gentlemen the new features on the k10, 000 banknote are as follows : on the front of the banknote – there is a new bright silver demetallised holographic lead representing a fish eagle. this has replaced the old hologram of the head of a fish eagle. on the back of the banknote – the area around the value numeral, k10, 000 in the right top corner, is printed with a special ink which shifts colour from copper to green when angle of view is changed. these are the two changes that have been made to the k10, 000 banknote. all other features are basically the same. the reason for the introduction of these two features is mainly to enhance the security of the banknote. the bank of zambia would further like to inform the public that the new k10, 000 banknote and the current circulating k10, 000 banknotes shall circulate side by side. the new and current banknotes will therefore all be legal tender. the current k10, 000 banknotes will

being discussed seriously in advanced countries. i think that the success of the operation of such a department depends upon how well it can fit in with and network with all of the various other departments of the organization. it seems pointless for it to take charge of communication independently, because success in its operation relies on enthusiasm and an ability to grasp and understand the overall business of the organization. noise inevitably appears in a situation where uncertainty exists in the market and there is less than a full understanding of economic policy, and so monetary policy should be implemented in such way as to boost the ratio of the signal relative to the noise, with communication policy serving a complementary function in this process. meanwhile, the ageing of our organization, one of the bank ’ s very distinctive characteristics, is a responsibility that we should resolve ourselves. it is a reality for us that, among our close to 2, 200 bok staff, more than 600 have been working for the bank for 30 years or more while the number of those who have worked here for between 20 and 29 years reaches almost 500, so that around one half of our entire staff have been working here for 20 years or longer. among about 1, 150 staff at the grades of lead manager to economist, more than 300 have been here for 30 years or more. it would be hard to find this type of manpower structure anywhere else. the most difficult challenge for our bank ’ s human resource and organizational management policy over the past three years has been the revitalization of our organizational operations. we needed to keep in balance with other organizations within our society. through our experience, we understand well the situation that aged countries and organizations face. and we can overcome this problem only by continuing to improve our productivity by applying very high levels of work discipline to ourselves. we must all remain alert until the moment we retire, and contribute to the development of our organization and the nation through the use of our experience and creation of high added value. as the central bank, which should serve as a model for the nation, i do not think there is any time for us to hesitate in imposing strict working practices on ourselves under this principle. we should bear in mind that the bank can avoid losing touch with our society as a whole only by continuing our efforts for self - reform. it is we ourselves who must create the bank of korea ’ s standing. we can win respect from others only when we engage in constant self - examination and have the courage and modesty to apply stricter standards