Regulatory Alerts2002-01-01
Settlement of Foreign Exchange Transactions
The Bank of Zambia mandates that all foreign exchange transactions conducted at its dealing window between the central bank and commercial banks must now be settled within two working days instead of four, effective immediately. This directive amends clause 2.2.4 of the Guidelines for Major Foreign Exchange Suppliers to align with standard international settlement periods. All other operational conditions governing the Bank of Zambia dealing window remain unchanged.
# BANK OF ZAMBIA
## OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
31 July 2002
CB Circular No. 12 /2002
TO: ALL COMMERCIAL BANKS
## SETTLEMENT OF FOREIGN EXCHANGE TRANSACTIONS
Kindly be advised that with immediate effect settlement of all foreign exchange transactions conducted at the Bank of Zambia foreign exchange dealing window between BoZ and commercial banks shall be settled within the standard international period of two (2) working days from the deal date instead of the current four (4) working days as stipulated in the “Guidelines for Major Foreign Exchange Suppliers” clause 2.2.4.
All other conditions governing the operations of the Bank of Zambia dealing window remain unchanged.
Dr Abraham Mwenda
DEPUTY GOVERNOR - OPERATIONS
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Bank Square, Cairo Road, PO Box 30080, Lusaka 10101, Zambia Tel: 260-1-226844, Fax: 260-1-237070, email: amwenda@boz.zm
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