PF govt threatens to re-introduce the failed Statutory Instruments (SI’s)

Deputy Commerce Minister Miles Sampa has warned that government will re-introduce Statutory Instruments number 55 (SI 55)  and 33 (SI 33) if shops and traders continue quoting prices in US Dollars.

Sampa said Tuesday that it was wrong for shop owners and traders to quote their goods in US Dollars and urged them to be patriotic and revert to the Kwacha.

On 21st March 2014 Finance Minister Alexander Chikwanda revoked SI 33 and SI 55 under pressure after the PF government had earlier ignored advice from opposition leaders and stake holders not to introduce the statutory instruments.

Statutory Instrument number 33 prohibited quoting and paying in foreign currency as legal tender while Statutory Instrument number 55 empowered the Bank of Zambia to monitor inflows and outflows of international transactions.

A number of traders across the country have resorted to quoting in US Dollars following sustained weakening of the Zambian Kwacha against major convertible currencies.

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