Zambian Watchdog

Exchange controls: Monitoring of Balance of Payments Regulations

May 06
06:04 2013

STATUTORY INSTRUMENT NUMBER 32 OF 2013

BANK OF ZAMBIA [MONITORING OF BALANCE OF PAYMENTS] REGULATIONS, 2013

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.

In view of the foregoing, 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. It is for this reason that the Ministry 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. The private sector and all affected stakeholders now have the opportunity to adopt genuinely transparent practices and standards, backed by law through SI 32 of 2013.

ACCESS A FULL COPY OF SI 32 OF 2013 ON OUR WEB ADDRESS – www.mofnp.gov.zm

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