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Friday, December 09, 2005

Zambian Financial Markets Go International

Two years ago the Zambian financial markets joined the Paris based Financial Markets Association, whose French acronym is ACI. This association comprises the largest number of international associations in financial markets. Members are drawn from over 80 countries. Currently there are 65 affiliated national associations. Zambia is the second affiliated country in Southern Africa after South Africa.

ACI remains the leading global association of wholesale financial market professionals. Their target is to develop the markets through education, market practices, technical advice and networking.

Financial Markets Association of Zambia (FMAZ) president Miles Sampa says ACI-Zambian was formed two years ago to serve the foreign exchange business. But Zambia is a start up market having only come into being after the 1992 liberalisation of the foreign exchange. And probably the second country with no exchange controls in the whole of Africa.

The Zambian financial market has since evolved in line with the macroeconomic and global trends. So the issue of best practices is of paramount importance.

Mr Sampa said in last two years ACI-Zambia has acted as an advisor to the Central bank and the Bankers Association of Zambia . As a result Zambia’s foreign exchange dealers are required to have an ACI-Financial Market Association dealing certificate. Integrity and fare business practices are therefore in place.

So it stands to reason to consider investing in Zambia especially in Zambian tourism. The opportunities are myriad.


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