IMF WARNS HICHILEMA OF SERIOUS PUNISHMENT
IMF WARNS HICHILEMA OF SERIOUS PUNISHMENT
The International Monetary Fund (IMF) has warned Zambia against a proposed dedollarization initiative, citing the potential underminement of inflation control efforts.
The IMF says the country’s economic conditions are not conducive to dedollarization, as it lacks low and stable inflation rates.
The IMF’s warning comes after the Bank of Zambia proposed promoting local currency use and the Central Bank’s proposed severe penalties for up to 10 years in jail for businessmen demanding US dollars for local transactions.