Wednesday, February 28, 2024

Bank of Zambia re-affirms its position on not banning foreign currency account in Zambia


The Bank of Zambia has said that social media reports suggesting that the Bank and the Ministry of Finance are working on a Statutory Instrument (SI) to ban the holding of foreign currency accounts in commercial banks in Zambia are not true.
In a statement released to the media, BoZ urged members of the public to treat such reports as false and unfounded, adding that the utmost priority of the Bank is to help restore macroeconomic stability and revive economic growth in the midst of a challenging economic environment that has been significantly impacted by the COVID-19 pandemic.

“As we have indicated in the past, the exchange rate policy in Zambia will continue to be founded on a market-determined exchange rate as this is the most appropriate way in which economic imbalances are resolved,” the statement read.

BoZ statement further said that false and unsubstantiated reports mislead the public and, if left unchallenged, have the potential to
cause panic and destabilise the financial sector and the economy as a whole.

“Reports of this nature also have the potential to tarnish the image of the country, both locally and abroad. Members of the public are therefore urged to use social media responsibly and desist from circulating false news” the statement concluded.


  1. It is that f00lish goat hh and his evil disciples in upnd who are spreading false news. They are desperate to win elections by lies. However, they have been doing this for decades and it has not gotten them very far. So I wonder how dull one has to be to continue doing the same f00lish things but still be convinced of a different outcome.

  2. You don’t necessarily need atomic bombs to destroy a nation. Politicians who value their pockets than the life of citizens always do that every day.

  3. Even before covid, the economy was messed up.

    Seriously let us boot these riff raffs out of office in 2021.

    Now Lungu has appointed a bank governor that is his minime. We can tell from the tone is statements being issued by BOZ on a daily basis.

    These thieves keep going lower and lower.

  4. SO if what they have done to publicly refute them seizing USD funds and banning USD accounts then by the same logic since they have not refuted the allegations that they are printing money then we are right to assume that they are printing money as we speak….

  5. Desperation makes PF government “Ukusabaila”, the world is already aware what’s happening to Zambian economy.

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