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The Bank of Zambia (BoZ) is intensifying efforts to close gaps in the implementation of the Export Proceeds Tracking Framework (EPTF), to ensure that declared export values align with actual financial inflows.
BoZ Governor, Denny Kalyalya, said while notable progress had been made since the framework’s launch, challenges remained in reconciling export data with corresponding payments.
Speaking in Solwezi during the signing ceremony of a renewed gold supply agreement with Kansanshi Mining Plc on Thursday, Kalyalya underscored the importance of transparency and accountability in export transactions.
“When exports are made, a Zambia Revenue Authority (ZRA) form is filled in and values are recorded. When payments are received, the proceeds enter a local commercial bank,” he explained. “However, the reconciliation between what was exported and what has been paid for still presents some gaps,” he lamented.
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He said the central bank was working closely with commercial banks and other stakeholders to enhance the efficiency and reliability of the EPTF.
“This initiative is vital for generating accurate and timely balance of payments data, which in turn supports sound economic policy-making,” Kalyalya said.
He also pointed to the 2023 directives that introduced the EPTF and flagged upcoming measures promoting the exclusive use of the Kwacha and Ngwee for all domestic transactions.
In a related development, Kalyalya urged stakeholders to submit feedback on newly circulated draft currency regulations, aimed at reinforcing the legal framework governing currency use in Zambia.
“We have circulated a revised version and encourage those who haven’t yet submitted their comments to do so promptly so we can finalise the process,” he said.
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