• Objectives of the Bill are to repeal and replace Bank of Zambia Act, Cap 360 of the Laws of Zambia.
• This is to provide for additional functions, operations and management of the Central Bank.
• When enacted, it will facilitate enhancement of functions of the Bank of Zambia.

Chief Government Spokesperson says Cabinet has approved for publication and introduction in Parliament during the current sitting, the Bank of Zambia Repeal Bill, 2022.

In a statement, Chushi Kasanda said the objectives of the Bill are to repeal and replace Bank of Zambia Act, Cap 360 of the Laws of Zambia.

Ms. Kasanda, who is also Minister of Information and Media stated that this is to provide for the additional functions, operations and management of the Central Bank as well as provide the composition of the Board of Directors of the Bank and their functions, and also provide for the establishment of the Monetary Policy Committee and the Financial Stability Committee and provide for their functions, among others.

“The Bill, when enacted, will eventually facilitate enhancement of the functions 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,” Ms. Kasanda said.

Ms. Kasanda added that Cabinet has also approved for publication and introduction in Parliament during the current sitting the Judges Conditions of Service Amendment Bill 2022, which seeks to amend the Judges Conditions of Service Act No. 14 of 1996, in order to ensure that the conditions of service for judges are done within the framework of the Emoluments Commission.

“This follows the decision by Cabinet at its 2nd (Special) Meeting held on 15th February, 2022, where the Emoluments Commission Bill, 2022 was approved for publication and introduction in Parliament.”

“The Emoluments Commission Bill, 2022, aims to operationalize Article 232 of the Constitution of Zambia and further ensure a consistent, comprehensive and systematic approach to the determination of emoluments for Chiefs and officers in state organs and state institutions,” she added.

She said the above decisions were made during the 5th Cabinet Meeting in 2022, held on Tuesday, 15th March, to deliberate on policy and legislative matters aimed at general National development of the country.