Banning hard currencies will negatively affect Zambia during UNWTO

Livingstone Tourism Association (LTA) chairman Kingsley Lilamono says the statutory Instrument number 33 of 2012 (SI 33) has a possibility of affecting the tourism industry negatively especially during the UNWTO.

Mr Lilamono said most operators in Livingstone have been quoting prices in dollars and tourists have found it easy because they understand and know their money well.

He said with SI 33 in place the cost of changing the foreign currency into kwacha will be expensive on the part of the tourists.

Mr Lilamono was speaking during stakeholders meetings on Thursday at protea hotels in Livingstone.

He stated that Livingstone risks having its name dented in situations where illegal money changers take advantage of tourists when bureaus are closed.

But Bank of Zambia (BOZ) Assistant Director Financial Market Jonathan Chipili said the reason BoZ has reinforced the statutory instrument is to allow the kwacha to perform its three functions.He said the kwacha must act as a medium of exchange, unit of account and a store of value.

Part of the SI number 33 of 2012 states that a person shall not quote, pay or demand to be paid or receive foreign currency as legal tender for goods, services or any other domestic transaction.

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