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CABINET INTRODUCES BOZ REPEAL BILL

Cabinet has introduced and approved a Bank of Zambia Repeal Bill of 2022 to improve the bank’s operation and management

Image courtesy of ZNBC

In a statement released to the media, Chief Government Spokesperson Chushi Kasanda
explained that Bill’s objectives include replacing the Bank of Zambia Act, Cap 360 of the Laws
of Zambia in order to provide for additional operations.

The Bill, when enacted, will eventually facilitate the enhancement of the Bank of Zambia by
including functions relating to achieving and maintaining price and financial systems stability,
which is lacking in the current legislation,” Kasanda said.

The Chief Government Spokesperson added that the Bill will also provide the composition of the
Bank of Zambia’s Board of Directors and their functions.

[It will] also provide for the establishment of the Monetary Policy Committee and the Financial
Stability Committee and provide for their functions,” she said.

This comes after deliberations on policy and legislative matters aimed at national development
that were held during the 5 th Cabinet Meeting chaired by President Hakainde Hichilema.

Written by Fatima Mawele

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