Regulatory Alerts1994-01-01
Bank of Zambia Circular 3/1994 on Foreign Exchange Control Liberalisation
The Bank of Zambia issued Circular 3/1994 to implement the suspension of the Exchange Control Act, granting full convertibility of the Kwacha and unrestricted current and capital account transactions. The central bank retains targeted regulatory authority over commercial bank foreign exchange operations, bureaux de change licensing, mandatory foreign exchange surrender by the Zambia Consolidated Copper Mines, and prior approval requirements for servicing foreign debt incurred before January 1994. All other capital remittances are now permitted without prior approval, while new post-January 1994 loan agreements must simply be lodged for statistical purposes to ensure a stable market transition.
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