The central bank has stated that the proposed provisions in the Bill were motivated by the Bank which is of the view that the Constitution should only contain broad constitutional principles which are operationalised through detailed legislation passed by parliament.
“The Bank of Zambia is aware of numerous social media reports suggesting that the proposed Constitution of Zamboa (Amendment) Bill No. 10 of 2019 seeks to take away some of the powers vested in the Central Bank such as supervising the financial sector and printing of currency. The said social media reports allege that the powers being taken away will now be performed by the Central Government through Cabinet. The Bank wishes to state that the said reports are not correct,” it has stated.