The Bank of Zambia has said that it is not true that the Constitutional Amendment Bill number 10 of 2019 will take away its powers to print the currency and supervise the financial sector.
The Bank says contrary to social media reports, the Central Bank will continue printing the currency as well as supervise the financial sector.
The Central Bank says reports suggesting that the printing of money will be done by the Central government through cabinet are not correct.
The Bank says the submission it made to the National Dialogue Forum (NDF) is aimed at allowing it to perform its primary objectives while pushing the other functions to subsidiary legislation.
The Central Bank has argued that this submission is in line with best practices and complies within the SADC model Law of Central Banks which encourages Central Banks to adopt a single primary objective.
The Bank said it further submitted to the government that the primary function of the Bank should be to formulate and implement monitory policy.
This is contained in a statement made available to media by Bank of Zambia Communications division.
Below is the full statement