Regulatory Alerts2026-01-01
Bank of Zambia Circular No. 01/2026 on Enforcement of Currency Directives 2025
The Bank of Zambia has issued Circular No. 01/2026 to enforce its Currency Directives of 2025, mandating commercial banks to promote the use of the Kwacha and Ngwee for domestic transactions. Commercial banks must inform clients of these requirements, establish verification mechanisms, monitor transactions, and report compliance concerns to a designated email address. Additionally, banks are required to implement robust Know Your Customer and due diligence measures while maintaining accurate records of all foreign currency transactions.
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