Regulatory Alerts2024-01-01
Bank of Zambia Circular No. 07/2024 on Submission of Internal Foreign Exchange Net Open Position Limits
The Bank of Zambia requires all commercial banks to submit their internally determined foreign exchange net open position limits daily. These submissions must be transmitted to the Financial Markets Department by 08:30 hours each trading day via the Refinitiv FXT Dealing System. The mandatory daily reporting framework takes effect on March 21, 2024, pursuant to Section 50 of the Bank of Zambia Act.
[Logo: Bank of Zambia]
Bank of Zambia
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/fmkt/bp
March 20, 2024
CB Circular No. : 07/2024
To : All Heads of Commercial Banks
SUBMISSION OF INTERNAL FOREIGN EXCHANGE NET OPEN POSITION LIMITS
Reference is made to the above subject.
In line with Section 50 of the Bank of Zambia Act, No. 5 of 2022, and in the continuing efforts to improve the functioning, oversight, and surveillance of the domestic foreign exchange market, all commercial banks are required to submit their internally determined foreign exchange net open position (NOP) limits on a daily basis.
This information must be submitted to Financial Markets Department at the beginning of each trading day (that is, 08:30 hours) via the Refinitiv FXT Dealing System.
Submission of this information is with effect from March 21, 2024.
[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