Regulatory Alerts2002-01-01
Bank of Zambia Circular 02/2002: Supervisory Fees
The Bank of Zambia issued Circular 02/2002 to replace its 1998 supervisory fees directive with the 2002 Directive, mandating that all licensed commercial banks pay regulatory fees to offset supervisory costs. The new framework establishes a minimum annual assessment of K10 million and calculates the standard fee at 0.2 percent of each institution's average monthly deposits over the preceding year. Licensed banks must remit payments via certified cheque, direct debit, or postal order, with late payments incurring monthly penalties calculated at the 28-day treasury bill rate on outstanding balances.
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