Regulatory Alerts2003-01-01
CB Circular 12/2003: Revision of Financial Markets Returns
The Bank of Zambia issued Circular 12/2003 to mandate commercial banks to submit revised foreign exchange reporting forms FMX1 through FMX4 following the establishment of the Broad-based Interbank Foreign Exchange Market. Banks must submit preliminary FMX2 and FMX4 returns by 17:30 on the trading day with substantive versions by 09:00 the next day, while FMX1 and FMX3 are due daily by 17:30 and FMX4 weekly by the last working day. Non-compliance with these submission timelines or accuracy requirements will result in a penalty fee of K100,000 per day per affected return.
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