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The Bank of Zambia Bill, 2013

The Bank of Zambia Bill, 2013

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Published by PMRCZAMBIA
This Bill mandates the Bank of Zambia to monitor balance of payments, prescription of interest and other financial transactions within Zambia.
This Bill mandates the Bank of Zambia to monitor balance of payments, prescription of interest and other financial transactions within Zambia.

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Published by: PMRCZAMBIA on Apr 03, 2013
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04/26/2013

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THE BANK OF ZAMBIA (AMENDMENT) BILL, 2013
M
EMORANDUM
The object of this Bill is to amend the Bank of Zambia Act so as to provide for— 
(a)
the monitoring of balance of payments;
(b)
the prescription of interest and other charges that financial service providers may impose on transactions; and
(c)
matters connected with, or incidental to, the foregoing.M. M
ALILA
,
 Attorney-General 
N.A.B 1 of 2013
13th February, 2013
 
A BILL
ENTITLED
An Act to amend the Bank of Zambia Act.
[ENACTED by the Parliament of Zambia.
1.
This Act may be cited as the Bank of Zambia (Amendment)Act, 2013, and shall be read as one with the Bank of Zambia Act,in this Act referred to as the principal Act.
2.
The principal Act is amended by the insertion, immediatelyafter section
 forty
, of the following new section:40A. The Bank may, to promote the efficient operation of the foreign exchange system, regulate and monitor— 
(a)
foreign exchange inflows and outflows and amountsremitted;
(b)
imports and exports of goods and other inflows andoutflows;
(c)
international transactions in services;
(d)
international transfers to or from non-residents;
(e)
profits or dividends received in respect of investmentsabroad;
(f)
borrowings and trade credits from non-residents;
(g)
investment in the form of equity and debt securitiesabroad;
(h)
receipts of both principal and interest on loans tonon-residents; and
(i)
international money transfers into and out of Zambia.
3.
The principal Act is amended by the insertion, immediatelyafter section
 forty-four 
, of the following new section:
 Bank of Zambia (Amendment)
[ No. of 20133
N.A.B 1 of 2013
Short titleCap. 360Insertion of new section40AMonitoringof balance of  paymentsInsertion of new section44AEnactment
5101520

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