The Zambian Kwacha cements itself as the worst currency in the World….and it has become normal.
The Zambian Kwacha cements itself as the worst currency in the World….and it has become normal.
However the Bank of Zambia has began a trial run for tracking and banking of export proceeds in a local bank.
This process will take minimum 3 months.
As pronounced by the Minister of Finance and National Planning during the 2024 National Budget Address on September 29, 2023, the Bank of Zambia has developed an Export Proceeds Tracking Framework (Framework).
The Framework involves the interface of the Electronic Balance of Payments (e-BoP) Monitoring System and ASYCUDAWORLD.
Under the Framework, all exporters will be required to route export earnings through an account at a bank
domiciled in Zambia, while retaining full rights and control to use the funds as they deem fit and continue to meet existing obligations relating to the Anti-Money Laundering/Combating the
Financing of Terrorism/Countering Proliferation Financing (AML/CFT/CPF).
Full payment of export proceeds will have to be reflected in such accounts within three (3) months from the date
in of export in line with the validity period for the documentation required for input tax claim under
value added tax.
Implementation of the Framework has commenced on January 1, 2024.
The Framework is intended to enhance the compilation of balance of payments statistics by
expanding the coverage of external sector statistics, particularly relating to the capture of data on the utilisation of export earnings and information on balances held abroad by resident
enterprises and other financial account flows.
