Regulatory Alerts2021-01-01
Bank of Zambia Revised Circular No. 08/2021 on Foreign Currency Cash Transactions
The Bank of Zambia has issued revised directives establishing daily monetary limits for foreign currency cash transactions processed by commercial banks. The updated framework caps daily deposits at US$100,000 for corporations and US$20,000 for individuals, while restricting daily purchases and sales to between US$5,000 and US$10,000 based on account holder status. Commercial banks must enforce Know-Your-Customer protocols, submit weekly transaction reports every Monday, and apply these limits cumulatively across all customer accounts.
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