Bank of Zambia records $7.9 billion through export proceeds tracking framework

As at September 27, 2024, approximately $7.9 billion had been recorded through the Export Proceeds Tracking Framework, which mandates that all export earnings be deposited in accounts at banks domiciled in Zambia.

This framework, implemented by the Bank of Zambia (BoZ) and the Zambia Revenue Authority (ZRA), took effect on January 1, 2024.

During a post-budget symposium at the Mulungushi International Conference Centre on Monday, BoZ Deputy Governor-Operations, Francis Chipimo, reported a net international financial inflow since the framework’s implementation, indicating improved tracking of export proceeds.

“Previously, this information was not available, but now it is tracked daily,” Chipimo stated.

He noted that BoZ has made significant progress in enhancing the quality of balance of payments statistics by strengthening regulatory requirements for submitting statistics, conducting a private capital flows survey, and implementing the Electronic Balance of Payment (e-BoP) Monitoring System.

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“As indicated in the 2024 National Budget, the Export Proceeds Tracking Framework was implemented on January 1, 2024. As of September 27, we have estimated a total cumulative export value of US$7,959.75 million,” he added.

Chipimo further detailed that the total recorded export receipts amount to US$5.5 billion, with US$2.5 billion reconciled.

He emphasized that the framework was robust and provided valuable information that was previously unavailable.

“Looking ahead, enhancements are planned, including sensitization sessions with relevant stakeholders to ensure full appreciation of the framework.

“This will capture service exports and track imports, leading to accurate linkages between trade and financial flows, ultimately providing a clearer understanding of Zambia’s trade balance,” he said.

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