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Ministry of Finance - Media Statement on BoZ SI 32 Regulations

Ministry of Finance - Media Statement on BoZ SI 32 Regulations

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Published by Zambian-Economist
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Published by: Zambian-Economist on May 05, 2013
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10/21/2013

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MOF/MEDIA STATEMENT
SI 32 OF 2013 Sunday, May 05, 2013
www.mofnp.gov.zm
 
Republic of ZambiaMINISTRY OF FINANCE
STATUTORY INSTRUMENT NUMBER 32 OF 2013 - BANK OF ZAMBIA [MONITORING OF BALANCE OF PAYMENTS]REGULATIONS, 2013Lusaka, Sunday 5
th
May, 2013:
In exercise of the powers contained in section fifty-seven of the Bank of Zambia Act [Laws,Volume 20, Cap. 360], the Minister of Finance Mr. Alexander Bwalya Chikwanda, MP, has signed a Statutory Instrumentwhich will bring into force the Bank of Zambia (Monitoring of Balance of Payments) Regulations, 2013, with effect from 16
th
 May, 2013. The main objective of the Statutory Instrument is to monitor Balance of Payments in a transparent andaccountable manner.The Ministry of Finance takes this opportunity to affirm that
in no way
do the regulations stipulated in SI 32 of 2013constitute any intentions - implied, disguised, concealed or otherwise by any other definition - to introduce exchange controlsin Zambia. It is for this reason that the Ministry appeals to members of the public to ensure that instead of denigrating theregulations, the measures should be seen as a significant step towards creating high transparency standards in managing theZambian financial system. The private sector and all affected stakeholders now have the opportunity to adopt genuinelytransparent practices and standards, backed by law through SI 32 of 2013.
The regulations apply to:
a)
 
Financial service providers licensed under the Banking and Financial Services Act;
b)
 
Importers of goods or services exceeding ten thousand US Dollars or the equivalent in other foreign currency;
c)
 
Exporters of goods or services exceeding ten thousand US Dollars or the equivalent in other foreign currency; and 
d)
 
Financial service providers designated under the National Payment Systems Act, 2007.
In relation to outflows, the Bank of Zambia shall monitor:
a)
 
the value of any imported goods;
b)
 
the value of any imported services, including management services;
c)
 
any amounts remitted out of Zambia whether unrequited (gratuitous) or otherwise;
d)
 
the amounts, if any, deposited abroad but generated by a person resident in Zambia from the supply of goodsproduced or services rendered in Zambia;
e)
 
loans granted to non-residents;
f)
 
trade credits from non-residents;
g)
 
investments made in the form of equity outside Zambia by persons resident in Zambia; and 
h)
 
investments made in the form of debt securities outside Zambia by persons resident in Zambia.
In relation to inflows, the Bank of Zambia shall monitor:
a)
 
the value of any goods or services exported out of Zambia;
b)
 
profits or dividends received in respect of investments abroad;
c)
 
borrowings from non-residents;
d)
 
trade credits to non-residents;
e)
 
investments in the form of equity from abroad;
f)
 
investments in the form of debt securities from abroad; and 
g)
 
receipts of both principal and interest on loans to non-residents.
 
The Bank of Zambia shall also, in relation to international transactions, monitor:
a)
 
the value of imported or exported manufacturing services or goods to or from non-residents;
b)
 
the net cost effect of telecommunication services;
c)
 
the value of international transport, courier and postal services;
d)
 
the value of accommodation and other hospitality services to or from nonresidents; and 
e)
 
international money transfers into and out of Zambia.
 

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