Bank of Zambia has said that unauthorised entities that may be engaged in some form of foreign currency trading must stop such practices as they are contravening the Banking and Financial Services Act (BFSA). In a statement released to the media today, the Central bank said that the Kwacha is the legal tender in Zambia and that all domestic transactions are required to be priced and settled in Kwacha.

Below id the full media statement

NOTICE TO MEMBERS OF THE PUBLIC ON QUOTING AND SETTLING OF DOMESTIC TRANSACTIONS IN FOREIGN CURRENCY

Over the past week, the Kwacha exchange rate has had some relative stability following measures taken by the Bank of Zambia and the Government. However, the Bank has observed with concern that a few business houses are pricing locally traded goods and services in foreign currencies, especially the US dollar.

This practice undermines the macroeconomic stabilisation efforts that are being undertaken. It should also be underscored that inflation in Zambia remains stable and has been declining during the year. Therefore, macroeconomic conditions do not warrant pricing in foreign currency for domestic transactions

The pricing in foreign currencies reduces the price incentive of a depreciation in encouraging businesses to engage in the export or production of goods that are currently imported. Such actions, therefore, work against the necessary adjustments which we all must make. It should be noted that it is not only the consumers that must adjust, but also producers and business houses if we are to successfully diversify our economy and achieve sustainable economic growth and development.

In addition, the pricing in foreign currency implies that businesses are adjusting their prices to reflect the extent of the movements in the exchange rate and yet most of their operating costs are not in foreign currency. The adverse effects of pricing and paying in foreign currencies are mainly felt by the general public rather than business houses as the former has no ready means of hedging against currency depreciation.

Incomes of the overwhelming majority of Zambians are not in foreign currencies. Therefore, these are bound to bear the full impact of quoting prices in foreign currencies more so if compelled to pay in foreign currency for domestically traded goods and services, such as, rentals and school fees.

Furthermore, quoting and demanding payment in a foreign currency amounts to dealing in foreign currencies, a practice that is for authorized foreign currency dealers only. It is also likely to lead to a multiplicity of exchange rates, which may differ significantly from competitive market rates and thereby destabilize the orderly functioning of the foreign exchange market.

If left unchecked, the practice has the potential to increase the demand for foreign exchange and intensify pressure on the exchange rate.

The Bank has guided before, and in line with the Bank of Zambia Act, that the Kwacha is the legal tender in Zambia. Therefore, all domestic transactions are required to be priced and settled in Kwacha. Unauthorised entities that may be engaged in some form of foreign currency trading must stop such practices as they are contravening the Banking and Financial Services Act (BFSA).

In this regard, the general public is hereby advised that regular surveys shall be conducted in order to assess the occurrence of such practices.

The Bank of Zambia commends members of the public who have spoken against this practice and urge the rest to assert their right and discourage the practice of quoting and settling domestic transactions in foreign currencies. Members of the public are also urged to bring to the attention of the Bank of Zambia any entity engaged in such practices.

The Bank of Zambia reiterates that the measures to stabilise the economy will only bear the expected results, if all players in the economy cooperate and work towards that goal.

Issued by

Head – Communications Division
Bank of Zambia
LUSAKA
Web: http://www.boz.zm
Email: [email protected]

September 15, 2015

Zambian rapper Chanda Mbao released his latest single “Grand Prix” The song is produced by #PSYBaby and recorded at Zero DB by Shom C and his team.

The song is celebratory hence the reference to winning a Grand Prix!
Listen to the song here: https://soundcloud.com/chandambao/chanda-mbao-grand-prix-prod-by-psybaby

Interact with Chanda Mbao on social media
http://www.chandambao.com/
http://www.facebook.com/chandambao
http://www.twitter.com/chandambao
http://www.soundcloud.com/chandambao

BY Kapa187

PRESIDENT Edgar Lungu yesterday failed to fly out of the Solwezi Airport after his Presidential chopper developed a mechanical fault.

Mr Lungu had to use his motorcade to pay a courtesy call on Chief Matebo where fresh arrangements to fly the President together with his entourage were made.

State House security detail moved President Lungu into the newly acquired Mi171E military chopper which he used for the rest of the campaign.

President Lungu explained to senior Chief Mumena of the Kaonde speaking people of Solwezi that it was not his intention to pay a courtesy call out of the planned schedule.

“Your Royal Highness senior chief Mumena please accept my apologies for coming late to meet you at the palace. We had a mechanical fault and the chopper failed to start. So we came by road. Your royal highness I hope you will bear with us,” President Lungu said.

Later the Presidential chopper was seen at Mukumbi School grounds but President Lungu decided to go with the Mi171E military chopper.

And President Lungu assured the people of senior chief Mukumbi that he would do everything to ensure that they were part of the development processes of the country.

He said Zambia could easily develop if hate and bitterness were discarded.

President Lungu said Zambia was a great nation but was experiencing high levels of poverty because of bickering and the imability to ensure that those in leadership delivered.

MMD Vice Presidential aspirant Bowman Lusambo was over the weekend spotted in Solwezi West constituency mobilising MMD structures to vote for PF Candidate Martin Mbaya in the forthcoming parliamentary by election.

According to UPND District official Michael Makai, Mr Lusambo who is currently National Youth Secretary was seen around Musele, Mumena and Mukumbi villages addressing MMD ward and constituency officials.

The MMD is not participating in the September 24th by election.

Mr Makai told Journalists in Solwezi that there is heavy suspicion that Mr Lusambo is working with PF structures to deliver victory to the ruling PF.

‘We are seriously suspecting that his man is in the area to weaken the MMD party structures and take them to the PF as a way of disadvantaging the UPND. This is the same man who was in the area last year during the Local Government Association elections and he came and mobilised MMD Councillors to vote for Mulenga Sata and ensure that Councillor Sata became LGAZ President,’ Mr Makai revealed.

Mr Makai further disclosed that Mr Lusambo on Sunday addressed MMD Councillors at Kisasa and Manyama areas.
‘We are following his activities in Solwezi since he arrived, we believe he is working with the PF and he has to be exposed,’ he said.

And some MMD Councillors who sought to remain anonymous confirmed in separate that they have been having meeting with Mr Lusambo since Friday last week.

‘Yes he has been to see us, he is our brother and we respect so much in politics. He is one of the very few NEC members we can listen to. So we were just meeting to strategise as a party,’ one of the Councillors said.

But when reached by phone, Mr Lusambo refused to comment.

Jay Rox brings us the Remix to his Smash Hit Joanna Featuring Two of Africa’s Finest – Orezi from Nigeria and Wyre From Kenya. Produced by Shinko Beats Of ZeroDb and Mixed by Tru Don.

Jay Rox just came off winning Best Collaboration at the Zambian Born and Bred Awards for Ituntulu Remix with Salma from Zambia, Collo from Kenya, Trigmatic from Ghana, Sally Nyundo from Malawi. Edem from Ghana and Cleo Ice Queen from Zambia.

Download the song from the following links 
http://www.datafilehost.com/d/09d68ef1
https://www.reverbnation.com/jrox/song/24295285-joanna-remix-ft-orezi–wyre
https://soundcloud.com/slamdunkrecords/jay-rox-ft-orezi-and-wyre-joanna-remix

Interact with Jay rox on Social media
https://www.facebook.com/mrroxa
https://twitter.com/JayRox05
http://instagram.com/jayroxa

BY KAPA187

A little taste of home.

The combination of nshima and relish seems to be the only thing that most Zambians call a real meal.

So to satisfy your palettes, today I want to share a recipe for a meal that I have eaten all my life.  It is a traditional meal, which I am sure all of the Zambians will be familiar with.  Every household does things slightly differently but this is a recipe past down from my mother, one of the best cooks I know.  Yes!! Believe it or not we Zambians in the diaspora do eat nshima.

Growing up I hated nshima, we ate it too often and I actually stopped eating it for years.  However in the last few years I have started enjoying it again and have come to appreciate it; not only because it brings back fond memories of me eating it with my great grandmother; but because it is very cost effective and has a high nutritional value.

Often time’s nshima is eaten with two side dishes also known as “relish” which tend to be vegetables and fish, chicken or meat.  It offers a full balanced meal; covering your carbohydrates, vegetables, protein and fat.   Known as Nshima in Zambia, Sadza in Zimbabwe and Pap in South Africa; nshima is commonly eaten across Africa, and is the staple food in many African countries.

I don’t think you can ever run away from nshima; it’s one of those foods that you are given at every relative’s house and is a huge part of Zambian culture.  So if any non-Zambians are curious enough to try this meal, then follow the recipe below, and enjoy.

Now, this recipe might be a bit tricky for any first timers; because when I cook nshima I don’t use measurements, in fact most people that I know don’t use measurements for this.  However, I will try and give as much detail as possible to guide you through this; but if you want exact measurements, just type in “how to cook nshima” on Google and you will get a step by step guide.

Preparation and Cooking time 2 ½ hours

Serves minimum 4 people

For this recipe I am using organic pumpkin leaves from the garden.  You can’t go wrong with organic vegetables; much healthier.

Ingredients.

Beans (for those in the diaspora, Kidney beans work just as well)

Organic Pumpkin leaves

About 1 cup of ground nuts

Rib meat

2 large onions chopped

1medium – large fresh tomato chopped

1 tin of tomato

1 pack of maize meal or mealie meal

1 pack of cassava meal (optional)

Salt

Method

Soak the beans overnight, the night before cooking.

In a pot boil beans for 1 hour.  In a separate pan, fry onion and ½ a tin of tomato with a pinch of salt.  Once the beans have softened and nearly all the water is gone; add the onion and tomato, allow to simmer and thicken.

Clean the pumpkin leaves by flicking them to remove any dust. Then hold the stem in one hand and strip the outer fibres down to the leaves. Wash and chop the leaves into small pieces ready for cooking.  Boil water separately and add a pinch or two of salt; add leaves to the water, cover the pot and leave to cook until they have wilted.

Whilst leaves cook, pound ground nuts to a powdery consistency and sieve.  Now that the leaves have reduced to half, add pounded ground nuts, onions and fresh tomato, mix well.  Cover the pot slightly and cook for 1 hour.  You will know the ground nuts are cooked, because they will change from a white powdery colour to a brown colour.  Don’t let all the water evaporate, this veg should not be too dry.

When cooking rib meat of a cow, you do not need to add oil because it already has quite a bit of fat on it. Simply fill a pot with water, until the meat is fully submerged and boil. Once water evaporates, fry the meat add a bit of salt, pepper, onion and ½ a tin of tomato.  Add a bit of water to make the stew and leave to simmer and thicken, adding water accordingly.

Finally cook your nshima.  Put the stove on high heat, in a large pot add a cup of maize meal/mealie meal to two cups of cold water to make porridge.  Now add a lot of boiling water to fill the pot about ½ – ¾ full.  Reduce the heat to medium, cover the pot and leave to cook for 3-5 minutes.  Now using a flat wooden spoon stir vigorously to make it smooth; gradually add a tbsp at a time of maize meal/mealie meal to thicken the nshima, always making sure you stir continuously and vigorously, to remove lumps, (this is quite a workout especially if cooking for a large number of people).  To make sure that the maize meal is cooked, cook for about 20 minutes. Finally add cassava meal and mix vigorously once more, until thick enough to eat with your hands and there is no water remaining.  It should be about the consistency of soft Play-Doh but stickier.  Cover the pot and leave to stand for a few minutes.

Serving

Wet a serving spoon, scoop out the nshima in fist-sized lumps and enjoy with your relish. Serve hot, and use your hands to eat.  Enjoy!!

Kanta Temba is a cake maker and decorator. She is also the owner and founder of Kanta Kakes – cake shop.

You can find her work on www.kantakakes.com.  Follow her on twitter @KantaKakes and Instagram @KantaTemba.