Regulatory Alerts2008-01-01
Bank of Zambia Review of the Broad-Based Interbank Foreign Exchange Market System
The Bank of Zambia issued Circular 09/2008 to refine the Interbank Foreign Exchange Market by designating all commercial banks as Authorised Dealers and discontinuing the Primary Dealer and Market Maker classifications. The regulation mandates that these banks quote firm bid and offer rates at thirty-minute intervals, maintain a spread not exceeding K20.00, and update Reuters pages accordingly. Additionally, banks must submit customer orders of US$1,000,000 or above, provide forward quotes, and adhere to the 2003 Code of Conduct under threat of severe sanctions for misconduct.
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