Regulatory Alerts2026-01-01
Bank of Zambia Circular No. 02/2026: Upward Adjustment of Non-Resident Investor Limit in Government Securities Primary Market
The Bank of Zambia has increased the primary market participation limit for non-resident investors in government securities from five percent to twenty-three percent of planned annual issuances, effective January 2026. This upward adjustment applies to the cost of issuances rather than face value, while secondary market trading and all other conditions from the previous directive remain unchanged. Commercial banks and custodians must continue submitting non-resident bids directly to the central bank by ten o'clock on auction days for limit application.
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