Regulatory Alerts2001-01-01
Bank of Zambia Circular 23/2001: Operating Rules and Guidelines for Government Securities Tender and Off-Tender Transactions
The Bank of Zambia issued Circular 23/2001 to formally correct and clarify operational guidelines for government securities tender and off-tender transactions. The directive amends previous clauses to restrict participants to a maximum of three bids per transaction, with one bid permitted per maturity category. It further outlines mandatory application procedures, electronic settlement through the Bank of Zambia’s BES system, and a predetermined weighted average yield pricing mechanism for all government bond issuances.
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