Regulatory Alerts2024-01-01
Bank of Zambia Foreign Exchange Market Guidelines 2024
The Bank of Zambia has issued the 2024 Foreign Exchange Market Guidelines to enhance transparency and efficiency in the domestic currency market. The regulations mandate that all Kwacha-to-foreign currency transactions must be conducted exclusively through authorized dealers, with trades up to a prescribed negotiable amount required to utilize the dealers' published board rates. Non-compliance constitutes a criminal offence punishable by fines up to two thousand five hundred penalty units, imprisonment for up to two years, or administrative penalties, while the Bank retains the authority to demand transaction-related information from market participants.
Share