ALL DOMESTIC TRANSACTIONS TO BE SETTLED IN KWACHA -BOZ
The Bank of Zambia will be issuing regulations by the end of 2025 that will require all domestic transactions to be settled in Kwacha.
BOZ Governor Denny Kalyalya says the move is aimed at reinforcing the use of the local currency in domestic dealings. He has explained that while quoting and invoicing in foreign currency will still be allowed, settlement of domestic transactions, particularly those involving government, will be conducted exclusively in Kwacha.
Dr. Kalyalya has added that international transactions will not be affected by the regulations.
He has further disclosed that the rules will be accompanied by detailed guidelines to ensure clarity and compliance once consultations are concluded.
Diamond TV
Excellent approach by Bank of Zambia because we have a very stable currency to allow transactions in foreign currency. It’s a no brainer, kudos to BOZ.
Another big Kwenyu!