Kalumba implores BoZ to guard against money laundering

Former Finance Minister Katele Kalumba has implored the Bank of Zambia to guard against money laundering during campaigns by monitoring the amount of money in circulation.

Katele Kalumba

Dr. Kalumba notes that it’s during the election period that political parties tend to launder money using the electoral process.

In an interview by telephone, Dr. Kalumba has also advised the Central Bank to keep in mind that during such a period there are also invisible international state actors who want to sponsor political action or regime change covertly by sponsoring some civil society organizations outside the normal means and therefore flooding the market with lots of cash.

He says much as such monies may cause minor distortion on the money market in the short term, it is not good for the economy.

Dr. Kalumba adds that having the Country’s currency saturating the market also tends to result in inflationary effects in the short term.

He says the BoZ should therefore expend some of its energy to monitor how much of the Kwacha is being circulated.