Regulatory Alerts1995-01-01
Bank of Zambia Circular 3/1995: Foreign Exchange Allocation for Maize Imports
The Bank of Zambia has allocated an initial ten million US dollars from its foreign exchange reserves to facilitate maize and mealie meal imports through commercial banks. Importers must specify maize purchases when applying for foreign exchange, and commercial banks are required to submit supporting letters of credit and proforma invoices within five days to verify utilization. The central bank will price all allocations at the prevailing market rate and may increase the facility based on demand, while non-compliant banks face mandatory resale of unaccounted funds or exclusion from future dealing sessions.
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