Regulatory Alerts2023-01-01
Limit on Participation of Non-Resident Investors in the Primary Market for Government Securities
The Bank of Zambia has imposed an immediate limit capping non-resident participation in primary government securities issuances at five percent of total annual planned issuances, calculated on cost rather than face value. Custodians and commercial banks must now route all non-resident auction bids directly to the central bank by 10:00 hours on the day of each auction for limit application. This measure preserves existing secondary market trading practices while ensuring overall debt sustainability through direct central bank oversight of primary issuance quotas.
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