Regulatory Alerts2013-01-01
CB Circular 17/2013 CTS T+1 Clearing Rule
The Bank of Zambia has extended the compliance deadline for the Cheque Truncation System T+1 clearing rule to February 1, 2013, granting commercial banks an additional six months to implement necessary business and system changes. Effective August 1, 2013, all up-country cheques will be cleared and given value at T+2 alongside local cheques to standardize processing and ensure timely customer value. The regulator will conduct on-site inspections to verify preparedness and has stated that no further extension requests will be entertained.
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