Regulatory Alerts2001-01-01
Bank of Zambia Operating Rules and Guidelines for Government Securities Tender and Off-Tender Transactions
The Bank of Zambia issued revised operating rules and guidelines governing the primary auction and off-tender windows for Treasury bills and Government bonds to broaden market participation and enhance price discovery. The circular establishes detailed eligibility criteria, bid limits, Dutch auction pricing mechanisms for competitive tenders, and pre-determined weighted average pricing for non-competitive off-tender transactions conducted through appointed agents. It further specifies settlement procedures, handling fees, withholding tax obligations, and secondary market trading protocols for all eligible commercial banks, corporate entities, and individual investors.
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