Region

Jurisdiction

Regulator

1994-01-01

Bank of Zambia Circular 06/1994: Currency Declaration

The Bank of Zambia announces the total abolition of exchange controls, permitting unrestricted movement of funds across borders except for servicing debt incurred before January 28, 1994. All individuals transporting currency or valuables exceeding the equivalent of US $5,000 into or out of Zambia must formally declare these amounts to Customs authorities. Commercial banks, airlines, and customs offices are directed to distribute the attached declaration form to the travelling public to ensure compliance with this new policy.

Zambia

Bank of Zambia

Tel. 228888/228903-20

BANK OF ZAMBIA
P.O. Box 30080 Lusaka
10101

5th May 1994

C B Circular No. 6/94

TO: ALL Commercial Banks
: Department of Customs & Excise
: Airlines operating in Zambia

Dear Sirs,

CURRENCY DECLARATION

It has come to our notice that some passengers leaving the country have been subjected to making declarations on currencies and other valuables in a manner which is not consistent with the existing regulations which came into force following the suspension of the Exchange Control Act by the Minister of Finance in January this year.

We wish to advise that the current Government policy is that Exchange Controls are totally abolished with the exception of the servicing of deb tincurred before January 28th 1994, as explained in our C B Circular No.3/94. People are therefore free to bringing in and to take out of the country any amounts of money. However, amounts exceeding the equivalent of US $5,000 which are being brought in or taken out of the country should be declared to Customs. A suggested Form for declaring these amounts is attached and customs should arrange for its reproduction and its distribution to all Customs points.

Please bring the contents of this Circular to the travelling public.

Yours sincerely,

H F MAJULA
For/GENERAL MANAGER