Zambia’s Finance Minister, Alexander Chikwanda, on Friday announced the immediate revocation of statutory instruments numbers 55 and 33.
Chikwanda said challenges have arisen in the implementation of these instruments and that to allow for further consultations, government has decided to revoke the two statutory instruments with immediate effect.
He said government, in conjunction with other stakeholders, will look at other veritable options to protect and safeguard pubic interests.
Last year, Chikwanda signed SI 55 on balance of payments which empowered the Bank of Zambia to monitor inflows, outflows and international transactions while SI 33 prohibited using foreign currency for domestic transactions.
“I would like to assure the nation that the government is firmly in the driving seat to steer the economy of our beloved country to greater economic prosperity which is only possible if all Zambians are active agents of development,” Chikwanda said Friday.
The Zambian Kwacha has recently come under pressure against major foreign currencies, particularly, the US dollars.
“The current depreciation of the currency does not necessarily imply a weakening of our economic fundamentals. The weakening in the Kwacha parity is temporary and government will not be tempted into interventions that may just end up affecting our as the reserves, as doing so will only artificially stabilise our exchange rate and make us more vulnerable in case of continued volatility,” Chikwanda stated.
He said there is the need to intensify efforts aimed at enhancing Zambians’ participation in the economy.