Zambia sets forex controls to help kwacha

Zambia's central bank introduced limited foreign exchange controls on Tuesday to stem the decline in its currency this year, drawing swift protests from companies in the country.

Central bank governor Jacob Mwanza told a news conference he would issue a formal gazette notice asking businesses to retain 75% of their profits in Zambia and to change export earnings into kwacha before transferring any money abroad. "I will be gazetting new measures that include businesses retaining 75% of their ea

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