TRADING IN FOREIGN CURRENCY IS ILLEGAL

Fri, 04 Aug 2017 13:55:20 +0000

Dear Editor,

TRADING in foreign currency in Zambia is illegal, but the trend has continued despite Government directive to traders to trade in the local currency, the kwacha.

The Zambian law does not allow traders to sell their goods and services in foreign currencies such as the dollar for instance.

Despite the law being in place which allows traders to conduct their businesses in foreign currency, some entrepreneurs are still charging goods and services in dollars.

People who own shopping malls are the major culprits as they charge rentals in dollars.

This is exploitation on the part of tenants as the exchange rate of the kwacha against other convertible currencies keeps on fluctuating.

In an event of the kwacha depreciating, the tenants pay more money.

It is not fair for the tenants of these shopping malls who sell their goods and services in kwacha to pay rentals in dollars.

In my considered view, I feel the Government through the appropriate Ministry should intensify inspections on shopping mall owners to ensure that they comply by charging their rentals in kwacha.

If they fail to comply, there must be enforcement of the law to the culprits so that they face the wrath of the law.