Regulatory Alerts2001-01-01
Bank of Zambia Circular 28/2001: Weekly Returns of Selected Assets and Liabilities
The Bank of Zambia mandates that all commercial banks align the central government deposits and total public deposit liabilities reported in their Weekly Return of Selected Assets and Liabilities with the classifications in their monthly balance sheets. This directive addresses persistent reporting discrepancies where banks overstated government deposits and understated public liabilities, which artificially reduced statutory reserve requirements and undermined monetary policy effectiveness. Banks must provide detailed certified schedules of government accounts, and the regulator will enforce compliance by applying verified balance sheet figures and levying retrospective charges for any reserve shortfalls or incorrect returns.
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