ZAMBIA INTRODUCES NEW REGULATIONS ON MONITORING OF BALANCE OF PAYMENTS

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In exercise of the powers contained in section fifty-seven of the Bank of Zambia Act [Laws, Volume 20, Cap. 360], the Minister of Finance Mr. Alexander Bwalya Chikwanda, MP, has signed a Statutory Instrument which will bring into force the Bank of Zambia .

In exercise of the powers contained in section fifty-seven of the Bank of Zambia Act [Laws, Volume 20, Cap. 360], the Minister of Finance Mr. Alexander Bwalya Chikwanda, MP, has signed a Statutory Instrument which will bring into force the Bank of Zambia (Monitoring of Balance of Payments) Regulations, 2013, with effect from 16th May, 2013. The main objective of the Statutory Instrument is to monitor Balance of Payments in a transparent and accountable manner.

The Ministry of Finance takes this opportunity to affirm that in no way do the regulations stipulated in SI 32 of 2013 constitute any intentions - implied, disguised, concealed or otherwise by any other definition - to introduce exchange controls in Zambia. The Ministry of Finance appeals to members of the public to ensure that instead of denigrating the regulations, the measures should be seen as a significant step towards creating high transparency standards in managing the Zambian financial system.

Individuals, the business community and all other affected stakeholders now have the opportunity to adopt genuinely transparent practices and standards, backed by law through SI 32 of 2013.

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