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Sunday, October 24, 2021

President Hakainde Hichilema directs Bank of Zambia to reduce cash transactions

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President Hakainde Hichilema has directed the Bank of Zambia and the Ministry of Finance to come up with a mechanism to reduce cash transactions.

This follows an unprecedented rise in demand for cash country-wide, which the Bank of Zambia attributed to a seasonal increase in demand for currency during the crop marketing season and the general elections.

But the Head of State said the mechanism will serve the country from having its cash robbed.

President Hichilema also said the mechanism will further help trace where money is going to avoid illicit money flows that are being reported by the Financial Intelligence Centre (FIC).

President Hichilema said government will not tolerate corruption, money laundering and other illicit financial transactions.

“It is my considered view that with the shortage of cash being reported by the Bank of Zambia, they, working with the Minister of Finance, should come up with a mechanism to further reduce cash transactions.

This will serve two purposes; firstly safety from being robbed of cash and secondly tracing where money is going to avoid illicit money flows that are being reported by the Financial Intelligence Centre (FIC),” he said.

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