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BOZ Regulations Finally Out

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Bank of Zambia (BoZ) has published a new regulation through statutory Instrument (SI) 32 aimed at monitoring the balance of payment. This comes barely two months after ZNFU and other private sector associations appeared before the Parliamentary Committee on Finance to discuss the amendments to the Bank of Zambia Act. This new SI gives the details of the procedures and regulations that need to be followed on among other things external private debt, record keeping on loan agreement, limitations of certain foreign currency transactions, monitoring of all the transactions, maintenance of foreign accounts for importers and exporters, the need for investors to deposit their pledges into the created foreign account, etc. The regulations have created cumbersome procedures which may add to the cost of doing business in terms of time it may take to clearly finish the whole process. The copies of the SI32 are available for members upon request.
 

 

Zambia Poised To Be Self-Sufficient In Irish Potatoes

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Zambia is poised to be self-sufficient in potatoes if the export/import environment is properly regulated. This came to light during the Fruits and Veg Commodity Committee meeting held at ZNFU-HQ. The meeting also identified uncontrolled imports and weak compliance with SPS requirements as the biggest threats which bring in plant diseases that can negatively affect the local potato industry. Information on how to reduce the incidence of banana bunchy top disease, a viral disease which has crippled banana production in some parts of the country was also presented by the Zambia Agriculture Research Institute (ZARI) during the same meeting. Other updates which were provided during the meeting included:

Last Updated on Tuesday, 30 April 2013 09:55 Read more...
 

Egg Prices Tumble

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Egg farmers have complained of a flooded local market and are wondering as to why the market uptake has drastically reduced. The week has also seen egg prices nose-diving. A ZNFU check at Kasumbalesa border, found an increased influx of egg producers (poultry farmers) and traders ferrying the commodity through the border into DRC.Traders talked confirmed an increased supply of eggs, a development they said has led to reduced prices for the commodity. The price for one tray at the border renowned for highest egg prices has dropped to an average low of KR20/tray. The low price has been attributed to an increase in poultry farmers supplying smaller eggs at a cheaper price of as low as K15/tray at one of Zambia’s busiest boarder post.

 

ZRA Customs Business Forum Launched

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To facilitate trade ZRA on 26th April, launched of a business forum comprising of the public and private sector members. The forum is meant to develop a formalized institutional framework for public private sector consultation, dialogue and collaboration; and to promote targeted and sector focused capacity building initiatives that would promote compliance and acceptable level of service delivery. The forum is also expected to enhance regular exchange of strategic information so that stakeholders are kept abreast of national, regional and global developments in regional integration and trade facilitation; agree and take action, sometimes jointly on priority areas/issues and to identify common areas of interest with a view to influencing policy positions in identified areas.

Last Updated on Tuesday, 30 April 2013 11:26 Read more...
 

Govt Reverses Maize Export Ban

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Government has reversed the decision to ban the export of maize and maize products. This followed wide consultations between Government and other stakeholders, both locally and internationally, in order to ensure that existing contractual obligations between the Zambian government, other governments and players in the market, such as commercial entities are met. The following are some of the issues taken into account:
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