Regulatory Alerts2001-01-01
Revision of Penalties on Foreign Exchange Position and Placement Excesses
The Bank of Zambia issued Circular 26/2001 to amend its previous foreign exchange directive by reducing penalty rates for commercial banks' position and placement excesses. The correction explicitly lowers the applicable penalty from ten percent to zero point one percent under the specified regulatory paragraphs. Banks must immediately implement this revised rate to maintain compliance with the updated monetary authority guidelines.
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