BOZ MOVES TO TIGHTEN EXPORT PROCEEDS MONITORING

By BUUMBA CHIMBULU in Solwezi

THE Bank of Zambia (BoZ) is working to close gaps in the implementation of the Export Proceeds Tracking Framework (EPTF) to ensure that recorded export values fully match actual inflows.
BoZ Governor Dr Denny Kalyalya said while progress has been made since the launch of the framework, more needs to be done to reconcile export data with the corresponding financial returns.
Speaking in Solwezi during the signing ceremony of the renewed gold supply agreement with Kansanshi Mining Plc, Dr Kalyalya stressed the importance of full accountability in export transactions.
“When exports are made, a form is filled this is a Zambia Revenue Authority (ZRA) form – and the numbers are captured there. When payment is received, the proceeds come into a local commercial bank,” he explained.
“The reconciliation between what was exported and what has been paid for is where we still have some gaps.”
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He said BoZ is working closely with commercial banks and other stakeholders to improve the efficiency and reliability of the framework.
“This initiative is critical for ensuring high-quality and timely balance of payments data, which supports better policy decisions,” he said.
Dr Kalyalya also referenced the 2023 directives that introduced the EPTF and highlighted upcoming measures related to the exclusive use of the Kwacha and Ngwee for domestic transactions.
He also urged stakeholders to submit feedback on recently issued draft currency regulations aimed at reinforcing the legal framework governing currency use in the country.
“We have circulated a revised version and encourage those who haven’t sent in their comments to do so q