THE Zambia Institute of Chartered Accountants (ZiCA) says the upward adjustment in the Statutory Reserve Ratio (SRR) by the Bank of Zambia has negatively impacted individuals and businesses. And ZiCA has expressed concern over the colossal sums of money that the country has lost through illicit financial flows as reported by the Financial Intelligence Centre. On 2nd February, 2024, the Bank of Zambia increased the statutory reserve ratios for both kwacha and foreign currency by nine percentage points; from 17 percent to 26 percent. At a media briefing, Tuesday, ZiCA president Yande Mwenye said despite BoZ raising the SRR, the Kwacha had continued to depreciate. “At the close of 2023, the Zambian Kwacha traded at K25.71 against US$1, representing an...