Bank of Zambia rakes in $1.4 billion through Export Proceeds Tracking Framework


The Bank of Zambia (BoZ) has said US$1.4 billion has so far been received through the Export Proceeds Tracking Framework.

This is a facility compelling all export earnings to be reflected in an account at a bank domiciled in Zambia.

The framework, being implemented by the BoZ and the Zambia Revenue Authority (ZRA) came into effect on January 1, 2024.

Giving an update on how much has come through since it came into effect.

BoZ Deputy Bank Governor-Operations, Francis Chipimo, when giving an update on how much had so far been raked in, said about US$1.4 billion had been received in the system.

Read more: Zulu suggests earnings from Export Proceeds Framework be converted into payments locally to support Kwacha

Chipimo quickly clarified at a press briefing in Lusaka on Wednesday, that these funds were from the goods side of the system only and not the services part as it was not yet functional.

He noted that from the funds received, only US$500 million had been reconciled, meaning these were the funds which had flowed in, in a complete way in the system.

“The way the export tracking is working is that when you export your goods and services and for now it is the goods side I am talking about through ZRA, you get a unique number.

“That unique number is given to your people that are going to be paying you and transferring that money back into Zambia. When that money is coming back into the system that is the same number which we expect to see which makes us understand that the funds received with that number are the same which were exported,” he said.

Chipimo said most of the commercial banks were now operating on that, while mentioning that there were a few that were still not up and running as fully as they should be.

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