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.
I commend you honourable. Being a CB product, you understand how our country has been raped with little benefit to the country. Speed up the process honourable.
What is the purpose of monitoring, if not to control?
We have a free market economy which is sensitive to such strict regulation of the foreign exchange flow. The root of the collapse of the Zambian Economy in the 1980’s came from such socialist policies. Remember the famous FTJ quote, “Government has no business in business”.
SI 55 of 2013 has added extra 10 to 12% to the cost of imports to SME and made bankers enjoy extra profits in addition to already most expensive bank charges in the world.
To hell with the copper.
People need food, jobs, education, medical care, fundamental rights and NOT repetition of party slogans.
well,you cant just let capital flight go on unabated something has to be done.go to japan a model free market economy try taking a single dollar out without the knowledge of the authorities there and you will end up in jail.
A private enterprise has authority over its capital and regulation comes through such measures as taxation….An extra mechanism is an inconvenience and just serves to discourage investment. Please don’t confuse legitimate business with vices such money laundering….