Regulatory Alerts2003-01-01
Bank of Zambia Circular 21/2003 on Consolidated Net Settlement Position Requirements
The Bank of Zambia mandates that all commercial banks maintain sufficiently funded current accounts at the central bank by 9:00 AM each business day to cover their Consolidated Net Settlement Positions. Effective December 15, 2003, the regulator will strictly enforce Rule 27 of the Zambia Electronic Clearing House (ZECH) Rules, requiring institutions to secure additional liquidity through securities discounting or face penalties for settlement failures. This directive addresses persistent underfunding practices and ensures the stability of the national electronic clearing system.
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