TRADING in foreign currency in Zambia is illegal. However, the trend has continued despite Government’s directive
to traders to trade in the local currency, the Kwacha. The Zambian law does not allow traders to sell their goods and services in foreign currencies such as US dollar.
Owners of shopping malls are the major culprits as they charge rentals in dollars. This is exploitation on the part of tenants as the exchange rate of the Kwacha against other convertible currencies keeps on fluctuating. In an event of the Kwacha depreciating, the tenants pay more money.
It is not fair for tenants of these shopping malls who sell their goods and services in Kwacha to pay rentals in dollars. In my view, Government, through the appropriate ministry, should intensify inspections on shopping mall owners to ensure that they comply with charging rentals in Kwacha. If they fail to comply, there must be enforcement of the law against the culprits.