Regulatory Alerts1994-01-01
Bank of Zambia Circular 15/1994 on Foreign Currency Transactions
The Bank of Zambia issued Circular 15/1994 to require strict monitoring of foreign currency transactions and enforce contractual compliance following reports of dealer misconduct. The central bank will actively supervise all foreign exchange operations to guarantee adherence to accepted banking practices. Commercial banks facing persistent breaches will face direct enforcement actions under the Bank of Zambia Act 1985.
# GENERAL MANAGER'S OFFICE
BANK OF ZAMBIA
P.O. BOX 30080 LUSAKA
10101
TEL: 228888/228903-20
FAX 222808
29 November 1994
C B Circular No. 15/94
To : All Commercial Banks
Dear Sirs
It has been brought to the attention of the Bank that there have been a few instances when dealers have failed to fulfill contractual obligations and/or have failed in their conduct to conform with accepted banking practices in concluding foreign currency transactions.
The Bank of Zambia, in the interest of promoting the development of an orderly foreign exchange market, will continue to strictly monitor all aspects of foreign currency operations so as to ensure both fulfillment of contractual obligations entered into and compliance by all parties with acceptable banking practices.
Where breaches persist the Bank will take any action, deemed necessary under the provisions of the the Bank of Zambia Act 1985, against the offending bank.
Yours faithfully
G B Mbulo
GENERAL MANAGER
Share