Zambia has not introduced foreign exchange controls – Yaluma

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Government is working on legal and regulatory frameworks to ensure that it adequately provides for investors in line with international best practices while at the same time responding to the needs of the Zambian people.

Speaking during the official opening of the African Copper IV Conference in Lusaka this afternoon, Mines Minister Christopher Yaluma dismissed reports from certain quarters that Zambia has introduced foreign exchange controls.

Mr. Yaluma explained that Statutory Instrument No. 55 of 2013 is aimed at enabling the Central Bank to monitor all inflows and outflows of foreign exchange and all transactions relevant to Zambia’s balance of payment.

Mr. Yaluma says government is currently analyzing the mineral value chain which includes exploration, mine production processing, and refining to come up with an efficient and effective minerals monitoring and auditing mechanisms.

He adds that effective and efficient minerals monitoring and auditing will not only ensure that what is due to government in terms of revenue is collected but will also encourage transparency and eliminate the perceptions of wide spread tax avoidance practices within the mining sector.

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