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Thursday, 27 June 2013

Bank of Zambia (Monitoring of Balance of Payments) Regulations, 2013

Government has issued Statutory Instrument 55 of the Bank of Zambia (Monitoring of Balance of Payments) Regulations, 2013. This was issued this week and revokes and replaces Statutory Instrument 32 of the Bank of Zambia (Monitoring of Balance of Payments) Regulations, 2013. The new SI 55 comes into effect on 1 July 2013. 

I have not fully studied this but off a quick skim it appears to contain several compromises. The income repatriation period is now 120 days not 60 days. The export and import regulations now applies to transactions above $20,000 not $10,000. And whilst in the past all Regulations applied to any financial transfers above $5,000 that line has been removed and restrictions now only appear to apply only to import and exports. In addition there's new discretion in relation to new investors qualifying for incentives.

I'll leave to others to delve deeper into these issues. But its unfortunate that GRZ has not explained these changes to the public and people are being left to figure it out for themselves.  Indeed, even though some of the changes make some sense they have not explained on what basis these changes have been made. 

Chola Mukanga | Economist | Writer
 Copyright © Zambian Economist 2013


  1. Am a student, i have read the entire instrument but i don't understand it simply because am not sure of where all these changes have been made from.
    Am humbly asking about the guild on how i can get hold of the origin of the balance of payment.
    thank you.

  2. am asking for clarification is the S.I 55
    an indirect way of the introduction of foreign exchange controls?


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