Chikwanda signs forex monitoring law

Minister of Finance Alexander Chikwanda has signed the statutory instrument that will bring into effect the Bank of Zambia (BoZ) Bill which gives powers to the central bank to monitor transactions of investors locally and abroad.
With the new law in place it is expected that the Zambia Revenue Authority (ZRA) will be empowered to work with the central bank in monitoring investors’ activities in the country.He assured investors that the central bank will not abuse its powers because its mandate will just be to check on the monetary and financial policy.Mr. Chikwanda said that the enactment of the new law did not mean the re-introduction of exchange control but would ensure that investors used local bank accounts in all their transactions.