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.

SEE ATTACHMENTS FOR DETAILS

[MEDIA STATEMENT - BOZ - SI 32 OF 2013 ]

[SI 32 of 2013 ]
 

Secretary to the Treasury Fredson Yamba has announced that with effect from 1st January 2012, it will be mandatory for all Ministries Provinces, Spending Agencies and Revenue Collecting Statutory Bodies to deposit all collections in form of fees and fines directly to the Treasury.

“This will entail that members of the public will now be depositing Government revenue directly into Government revenue transit accounts held in Commercial Banks, said Mr. Yamba.

– Chikwanda Praises MOF Staff But Warns Against Complacency

…”The performance of the Ministry of Finance over the next few years will be central to the overall performance of government. A revitalized, efficient and effective Ministry of Finance will be required to plan effectively as well as retain the capacity to fine tune and adapt these plans to:

(a) Rapidly changing, dynamic and competitive environment;

(b) Remodel resource mobilization systems to generate sufficient resources for development as well as efficiently deploy these resources so as to maximize returns on government expenditures; and

(c) Lastly, institute robust monitoring and accountability systems that will ensure that government resources are used for the intended purposes.

…Having served in the ministry for slightly over a year now, I wish to put on record that i am happy to note a little increase in the levels of dedication, skill and professionalism of both the management and staff in the Ministry of Finance. I am, therefore, confident that the new strategic plan will be implemented effectively.

However, let me remind you that we have a long way and complacency is inexpedient. As we embark on the implementation of the strategic plan, I wish to call upon both management and staff in the Ministry to renew our commitment to excellence, professionalism, teamwork and integrity. The strategic plan provides latitude for us to deploy our collective creativity and intellectual resources for the common good of our country.

[Launch Statement]  

 [Strategic Plan]