New SI not for introducing exchange controls-MoF

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The Ministry of Finance has explained that the newly signed statutory instrument (SI) number 32 of 2013 was not aimed at introducing exchange controls in Zambia.


Ministry Public Relations Officer Chileshe Kandeta said the statutory instrument which was signed by Finance Minister Alexander Chikwanda was instead a significant step towards creating high transparency standards in managing the Zambian financial system.


Mr. Kandeta said in a statement made available to ZANIS in Lusaka today that the instrument is expected to come into effect from on 16th May 2013.


“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,” he said.


He said the main objective of the statutory instrument was to monitor Balance of Payments (BoP) in a transparent manner.


He explained that this monitoring will accord individuals, the business community and other stakeholders an opportunity to adopt genuinely transparent practices and standards through backing from this statutory instrument.


Mr. Kandeta has since called on members of the public to embrace the new regulations instead of denigrating them.