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The Bank of Zambia (BoZ) Governor, Denny Kalyalya, has announced that sensitisation programmes on the Export Proceeds Tracking Framework that came into effect on January 1, 2024 are currently being undertaken countrywide.
Kalyalya reminded stakeholders that under this Framework, all export earnings were required to be reflected in an account at a bank domiciled in the Republic of Zambia.
He said this on Friday at the Symposium on the 2023 Budget Performance and Economic Developments.
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The e-BoP Monitoring System was launched in December 2019 to enhance the compilation of external sector statistics.
This, Kalyalya explained, had now been fully operationalised through the implementation of the Export Proceeds Tracking Framework that came into effect on January 1, 2024, as announced in the 2024 Budget Speech.
“The Bank is currently undertaking countrywide sensitisation programmes on the Framework.
“The Bank is in the process of sensitising all stakeholders to ensure the success of the Framework” he said.
He explained that exporters would retain full rights and control to use the funds as they deem fit as long as they comply with Anti-Money Laundering, Combating the Financing of Terrorism & Countering Proliferation Financing (AML/CFT/CPF) obligations as had been the case under the current foreign exchange arrangement.
“In line with the Bank of Zambia Act, 2022, the Bank has issued Directives compelling all exporters to route export earnings through a domestic bank account,” the Governor concluded.
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