Regulatory Alerts2024-01-01
Bank of Zambia Foreign Exchange Market Guidelines (CB Circular No. 10/2024)
The Bank of Zambia issued the Foreign Exchange Market Guidelines under Gazette Notice No. 525 of 2024 to streamline domestic foreign exchange market operations. The circular specifies a prescribed negotiable amount of US$1,000,000 or its foreign currency equivalent per Clause 4(1)(c). Commercial banks are directed to actively disseminate the Guidelines and accompanying Explanatory Notes to their clients to ensure regulatory compliance.
[Logo: Bank of Zambia]
Bank of Zambia OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/fmkt/bp
May 24, 2024
CB Circular No. : 10/2024
To : All Heads of Commercial Banks
BANK OF ZAMBIA FOREIGN EXCHANGE MARKET GUIDELINES
Reference is made to the above subject.
To improve the operations of the domestic foreign exchange market, the Bank of Zambia has issued the Foreign Exchange Market Guidelines under Gazette Notice No. 525 of 2024, a copy of which is attached hereto for your reference.
The Bank wishes to draw your attention to Clause 4(1)(c) and advises that the prescribed negotiable amount has been set at US$1,000,000 (One Million United States Dollars) or the equivalent in foreign currency.
The Bank directs that the Guidelines and the accompanying Explanatory Notes must be brought to the attention of your clients to ensure compliance.
[Signature]
Francis Chipimo (PhD) DEPUTY GOVERNOR – OPERATIONS
cc Governor
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel:+260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm