Region

Jurisdiction

Regulator

1999-01-01

Bank of Zambia Circular No. 3/1999: Inter-Branch Accounts

The Bank of Zambia has deployed a supervisory team to audit the inter-branch accounts of all commercial banks due to the detection of unusually high reported balances. This examination directly addresses a regulatory concern regarding the systemic prevalence of inflated inter-branch figures. The central bank requires full cooperation from commercial banks to resolve these accounting discrepancies and restore accurate reporting standards.

Zambia

Bank of Zambia

# Bank of Zambia

P.O. Box 30080, LUSAKA  
10101  

Tel. 228888/ 228903  

7 December 1999  

Circular No. CB No. 3/99  

To : All Commercial Banks  

Dear Sirs,  

## INTER-BRANCH ACCOUNTS  

Bank of Zambia wishes to inform all commercial banks that a team of officers has been assigned to look at the commercial banks’ inter-branch accounts. This exercise has been necessitated by the fact that some banks are currently reporting very high inter-branch figures, which should not be the case, and this has become a supervisory concern. Therefore, this exercise is being carried out in an effort to resolve this prevalent inter-branch problem.  

Yours faithfully,  

Dr Abraham Mwenda  
DEPUTY GOVERNOR – OPERATIONS