Secretary to the Treasury Fredson Yamba said the decision to reintroduce currency regulations was also meant to ensure effectiveness in the conduct of monetary policy whose principle was price stability, a necessary condition for any economy to thrive.

Zambia map“I wish to inform the public that a lot of progress has been with respect to consultations on currency regulations. The consultations have been very open and focused on getting the views and suggestions from a cross section of stakeholders on what would be the ideal regulations required to enforce the Kwacha as legal tender without any disruption to business activities,” he said in a statement obtained by Xinhua.

In 2012, the government revoked a statutory instrument that enforced currency regulations and another one on balance of payments monitoring to allow for wider consultations.

The official further said consultation on reintroducing currency regulations were extended to selected countries in the region and beyond, adding that the government was aware of its responsibility of ensuring macroeconomic stability.
“We are unwavering in our commitment towards this goal as we believe that Zambia offers some of the best opportunities to investors and it should remain so over the long-term,” he added.

Meanwhile, the official denied reports that the government intends to reintroduce capital and price controls.
He said the government remains fully committed to principles of a free market economy where the private sector plays a pivotal role in the country’s economic activities.

“Recently, there has been misinformation in some sections of our society that the government is working on measures aimed at introducing currency and capital controls.

It’s false. In this respect, the Ministry of Finance would like to assure the general public, private sector and all other stakeholders that, the government remains unequivocally committed to principles of a free-market economy driven by the private sector,” he said. Enditem

Source: Xinhua

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