Regulatory Alerts2020-01-01
Bank of Zambia and Bank of Tanzania Memorandum of Understanding
The Bank of Zambia issued this circular to implement a Memorandum of Understanding with the Bank of Tanzania, mandating commercial banks along the Tunduma and Nakonde borders to facilitate direct currency conversion between Zambian Kwacha and Tanzanian Shilling. All domestic commercial banks must immediately accept the Tanzanian Shilling for foreign exchange trading and invest in counterfeit detection equipment. The two central banks will jointly purchase and repatriate excess currencies, with the Bank of Zambia providing timely updates on Shilling security features to support seamless cross-border transactions.
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