Regulatory Alerts2004-01-01
Revised Cash Deposit Procedures
The Bank of Zambia has mandated revised cash deposit and withdrawal procedures for all commercial banks, effective July 1, 2004, to minimize cash discrepancy risks and modernize cash management. Banks must now submit withdrawal and deposit notices by 14:00 and 16:00 respectively on the preceding business day, with all transactions processed strictly between 09:00 and 12:00. Additionally, the central bank will implement mandatory bundle verification before accepting cash trunks, enforce the use of metallic pre-numbered seals and internal-hinge trunks, and impose penalties for shortages while requiring formal explanations for overages.
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