Central Banks
Zambia Dedollarization Drive Will Bring Order, Central Bank Says
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A street currency dealer in Lusaka, Zambia.
Photographer: Luke Dray/BloombergThis article is for subscribers only.
Zambia’s plans to restrict the use of foreign exchange in domestic transactions are aimed at stabilizing the nation’s currency, central bank Governor Denny Kalyalya said, as his organization finalizes consultations on the proposals.
The Bank of Zambia announced its intentions in June and has been consulting market players since then. The meetings are ongoing and an implementation date has yet to be decided, he said in an interview in Pointe aux Piments, north of the Mauritian capital of Port Louis, on Thursday. The city hosted the annual meeting of the Association of African Central Banks this week.