Chikwanda gives Bank of Zambia power to monitor balance of payments beginning May 16.

MINISTER of Finance Alexander Chikwanda (left) has signed a statutory instrument (SI) which will give the Bank of Zambia power to monitor balance of payments beginning May 16.
The move to monitor the balance of payments is aimed at increasing transparency and accountability.
This is according to a statement released in Lusaka yesterday by Ministry of Finance public relations officer Chileshe Kandeta.
Mr Kandeta allayed fears that Government is introducing exchange controls.
“The SI does not constitute any intentions whatsoever to introduce exchange controls in Zambia,” Mr Kandeta said.
He said the public should view the SI as a significant step towards creating transparency in managing the Zambian financial system.
“The private sector and all affected stakeholders now have the opportunity to adopt genuinely transparent practices and standards, backed by law through this SI,” he said.
The regulation will apply to financial service providers licensed under the Banking and Financial Services Act, importers of goods or services exceeding US$10,000 or the equivalent in other foreign currency.
It will also apply to exporters of goods or services exceeding US$10,000 or the equivalent in other foreign currency and financial service providers designated under the National Payment Systems Act.
In relation to outflows, the SI will monitor the value of any imported goods and services, any amounts remitted out of Zambia, loans granted to non-residents, trade credits from non-residents, investments made in the form of equity outside Zambia by persons resident in Zambia and investments made in the form of debt securities outside Zambia by persons resident in Zambia.
The Bank of Zambia will also monitor all international transactions such as telecommunications and money transfers.