Wednesday, 6 June 2012


THE Patriotic Front government has banned foreign currency transactions in the country.
This is contained in a Statutory Instruments (SI) No. 33 of 2012 published in the government gazette dated May 18.
According to the SI signed by Finance minister Alexander Chikwanda on May 7, all domestic transactions should be conducted using kwacha currency.
“A person shall not quote, pay, or demand to be paid or receive foreign currency as legal; tender for goods, services or any other domestic transaction,” read the SI in part. “Any contract, agreement, sale, payment, bill, note, instrument or security for money and any transaction, dealing for money or the payment of, or the liability to pay, any money, existing on the date of commencement of these regulations, and which is to be executed or discharged in the Republic, shall be deemed to be a reference to the corresponding amount of money expressed in terms of the kwacha and calculated at the commercial bank rate prevailing spot selling rate.”
The SI states that any person who contravenes the regulation commits an offence and is liable, upon conviction, to a fine not exceeding one hundred thousand penalty units or to imprisonment for a period not exceeding ten 10 years, or to both.

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