Regulatory Alerts1994-01-01
Bank of Zambia Circular 1/1994 on Foreign Exchange Control Liberalisation
The Bank of Zambia issued this circular to announce the suspension of the Exchange Control Act, granting full convertibility of the Kwacha and unrestricted current and capital account transactions effective 28 January 1994. The central bank retains targeted regulatory authority over commercial bank foreign exchange operations, bureaux de change supervision, mandatory foreign exchange surrender by ZCCM, and prior approval requirements for servicing pre-January 1994 foreign debt. Commercial banks must verify documentation for foreign exchange requests, ensure compliance with market guidelines, and submit all prescribed transaction returns while post-January 1994 debt servicing proceeds without restriction.
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