Regulatory Alerts2022-01-01
Bank of Zambia Act, 2022
Enacted by the Parliament of Zambia, this Act establishes the Bank of Zambia as a corporate body with perpetual succession and defines its core mandate to formulate monetary and supervisory policies aimed at price and financial stability. It restructures the Bank’s governance by constituting a Board of Directors and appointing a Governor, while mandating the creation of Monetary Policy and Financial Stability Committees to oversee macro-prudential tools, exchange rates, and payment system regulation. The legislation grants the Bank comprehensive authority to license and supervise financial service providers, manage international reserves, act as fiscal agent to the Government, and enforce compliance through administrative penalties and information disclosure requirements.