Former Finance Minister Ng’andu Magande has observed that the continued weakening of the Zambian Kwacha against global currencies requires government to revisit the Bank of Zambia Balance of Payments Monitoring Regulations of 2013 simply known as Statutory Instrument (SI) No. 55 of 2013.
Under this law which was imposed without consultation, BoZ and ZRA captures (monitors) all inflows and outflows of foreign Currency into the country.
The Kwacha has dropped to a record low in 20-years as much K5.78 per US dollar.
Magande has also observed that the weakening of the country’s currency is an indication that very little foreign exchange is coming into the country’s economy.He says government should establish whether investors are now withholding their export earnings as a possible protest against Statutory Instrument no. 55.
Magande who is National Movement for Progress president and an Agricultural Economist by profession told Qfm News that the Kwacha’s volatility requires government to revisits SI 55 and possibly reverse it.
He advised government to ensure that all export proceeds are coming back into the country’s economy.