on the information provided herein, and consent must be obtained from ENSafrica before the information provided herein is reproduced in any way. ENSafrica disclaims any responsibility for positions taken without due consultation and/or information reproduced without due consent, and no person shall have any claim of any nature whatsoever arising out of, or in connection with, the information provided herein against ENSafrica and/or any of its personnel. The Zambian Government has recently announced that it would impose exchange controls, a governmental restriction on the amount of foreign or local currency that can be traded, to counter the ZMW devaluation against the USD. In addition, the Exchange Control Act was scrapped in 1994, resulting in no controls on the conversion and transfer of currency from Zambia, with investors being free to repatriate any funds, whether or not generated from a source in Zambia, provided they have been derived. SI 33 prohibited conducting transactions in Zambia in foreign currency and SI 55 is a monitoring framework requiring lending transactions to be registered with the Bank of Zambia. Anti-graft watchdog, which highlights how resource wealth is often squandered in the developing world.
Laws and Regulation - Bank of Zambia Zambian Government Announces Exchange Controls ZambiaInvest
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Earlier in the year, the Bank of Zambia amended foreign exchange regulations as part of monetary policy action taken by Zambia to halt the depreciation of the Zambian kwacha which fell steeply in the first months of 2014. The amount is almost half the size of Zambia's current gross domestic product and much of the money would have been channeled to offshore banks and tax havens, draining one of the world's poorest countries of badly needed capital. Former Bank of Zambia Governor, Caleb Fundanga, at the time warned that this need for stricter regulation should not amount to the re-introduction of exchange controls, as that would cripple the economy. In response to the abolishment of these regulations, the Kwacha has immediately gained as much.4 percent against the dollar, its biggest gain since December 2012. Price controls and subsidies on all consumer items were abolished. When the Movement for Multiparty Democracy (MMD) came to power in Zambia in 1991, the new governments priorities were the restoration of economic future growth and employment through liberalising the economy and allowing market forces a greater role. . Barely a month later, on 21 March, Mr Chikwanda scrapped both Instrument 33 and Instrument 55 in a desperate bid to halt the currency slide. With these measures the government expects to halt the ZMW slump which has depreciated.9 year to year reaching the ZMW.89951 per USD in September, 2015 according to data compiled by Bloomberg. Amos Chanda, in an interview with Zambian National Broadcasting Corporation (znbc) where he explained that the Zambian President cannot allow the national currency collapse on expectations that the issue will fix itself. Zambia has been a major destination of Chinese investment in Africa with two industrial zones in Chambishi and East Lusaka android spy software free trial established since 2007 by the ZambiaChina Economic Trade Cooperation Zone (zccz). With revocation of SI 33 a lender is permitted to denominate a loan in foreign currency like the USD to the borrower in Zambia.
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