Exporters to account for earnings - ZRA
ALL exporters will have to account for their earnings through domestic commercial banks following the implementation of a framework to address issues of illicit financial flows, among others by the Bank of Zambia (BoZ) and the Zambia Revenue Authority (ZRA).
The Electronic Balance of Payment Monitoring System (e-BOP) which requires all foreign exchange proceeds to be tracked will assist Government implement appropriate interventions aimed at fully harnessing the benefits from export earnings and address issues of illicit flows.
While all exporters will have to account for their earnings through domestic banks, they will be retaining the full liberty to use the funds as they deem fit, according to the BoZ Governor Dr Denny Kalyalya.
Dr Kalyalya explained that the exporters would be retaining the full liberty to use the funds as they deem fit, as had been the case under the current foreign exchange arrangement.
“It is envisaged that this framework will enable the authorities to appreciate the extent of the flow of funds to implement appropriate interventions aimed at fully harnessing the benefits from export earnings and address issues of illicit flows.
“This will be done after consultations with the private sector through the Public and Private Dialogue Forum (PPDF) to ensure smooth implementation of monitoring of foreign exchange receipts through the e-BoP system,” he said yesterday in Lusaka at the 2023 national budget public symposium.
Dr Kalyalya noted that the compilation of external sector statistics had improved overtime by strengthening the regulatory framework regarding the submission of statistics, conducting private capital flow surveys and implementing the e-BoP Monitoring System.