Regulatory Alerts2013-01-01
Engagement of Market Brokers and Revision of Money and Foreign Exchange Market Returns
The Bank of Zambia requires all commercial banks to obtain explicit approval from its Bank Supervision Department before engaging market brokers for foreign exchange and money market transactions. The regulator also mandates the immediate regularization of existing broker engagements by submitting contractual agreements for clearance and introduces revised Interbank Money Market and Foreign Exchange Market returns. Commercial banks must submit these returns electronically by 09:00 hours daily and provide weekly physical declaration forms signed by authorized personnel to ensure data accuracy.
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