Fairworld Properties Limited (FPL) has commended the recently introduced 2024 Bank of Zambia Currency Regulations.
The Organization says the new regulations, announced on 28th June 2024, are aimed at reinforcing the Zambian Kwacha as the sole legal tender for all domestic transactions within the Republic of Zambia.
Fairworld Properties Limited Chief Executive Officer, Chisebwe Fumbeshi, told RCV News today that the new currency regulations will significantly impact real estate transactions across Zambia.
“The regulation ensures that all real estate transactions, including sales, leases, and rentals, must be conducted in Kwacha”, said Mr. Fumbeshi.
Mr. Fumbeshi emphasized that his organization is dedicated to supporting the implementation of regulations to ensure that partners are fully informed and compliant with the measures which will contribute to a more stable real estate market in Zambia.
He said by standardizing transactions in Kwacha, financial institutions and real estate businesses can avoid potential losses from exchange rate fluctuations, enhancing overall financial stability.
By Margaret Mwanza
