Regulatory Alerts2024-01-01
Amendments to the Interbank Foreign Exchange Market Rules
The Bank of Zambia has revised its Interbank Foreign Exchange Market Rules, effective June 14, 2024, to enhance transparency and operational standards for commercial banks. Authorised dealers must now maintain ACI-certified personnel across all offices, align retail exchange rates with interbank benchmarks, and enforce a US$1 million minimum transaction threshold while allowing indicative pricing. The amendments also mandate annual front-office attestation, a six-month qualification period for new staff, SOFR-plus-three-percent penalties for late USD and Kwacha settlements, and the permanent removal of the Constrained Pricing Mechanism.
Share