Consultations underway on use of foreign currency for local transactions, phase out of cheques, says Musokotwane

Finance and National Planning Minister, Situmbeko Musokotwane, has clarified that the proposed ban on using foreign currencies in the local economy and the phasing out of cheques were still in draft form and undergoing stakeholder consultations.

In a ministerial statement delivered in Parliament on Thursday, Musokotwane said the Bank of Zambia (BoZ) began the consultation process for foreign currency regulations in June this year.

The consultations are being conducted through the Public Private Dialogue Forum (PPDF) and include discussions with various associations.

The Minister assured the public that the BoZ would present the final draft report once it received feedback.

“I would like everyone to be aware that this process is still under consultation as these are draft proposals presented to stakeholders by BoZ,” Musokotwane said.

Regarding the phasing out of cheques, the Minister noted that this decision was due to the decline in cheque usage over the past decade.

He emphasized that the elimination of cheques would be done in a coordinated and phased manner, with the government taking a gradual approach of at least 18 months.

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