Zambian government to allow businesses at Kasumbalesa border to charge in Dollars
The Zambian government is expected to introduce a statutory instrument (SI) that will allow transacting in United States dollar at Kasumbalesa border to channel about US$40,000 from the black market into the formal system.

Minister of Finance Felix Mutati said in an interview that once introduced, the SI will enable traders in the border area between Zambia and the DRC transact in dollars to prevent the illegal or parallel market in foreign exchange. “Zambeef [Products] has an outlet at Kasumbalesa border and the challenge is that under the current law, they are not allowed to transact in dollars, so the buyers from DRC have to change money from the black market with US$30,000 to US$40,000 being sold on the market daily,” he said. The market at Kasumbalesa has capacity to transact in huge amounts thus the need to ensure that the dollar on the black market is captured in the formal system. The move will boost sales for Zambian businesses operating in the area. Mr Mutati said the development will also increase foreign exchange channeled into the formal system and boost the country’s revenue. He said the DRC market remains one of Zambia’s largest markets and ensuring that trade is facilitated smoothly will go a long way in growing the market further.

Source: Lusakatimes.com

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