Regulatory Alerts1995-01-01
Bank of Zambia Circular 6/1995: Daily Foreign Exchange Dealing
The Bank of Zambia mandates that daily foreign exchange dealing with commercial banks will commence on April 24, 1995, replacing the previous thrice-weekly schedule. This operational shift responds to a policy decision lowering the Zambia Consolidated Copper Mines export retention rate from 70 to 55 percent, thereby increasing the central bank's direct market share. Commercial banks must submit written bids or offers and complete FX market returns daily between 08:00 and 09:00 hours, while all other existing guidelines remain unchanged.
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