Region

Jurisdiction

Regulator

2020-01-01

CB Circular No. 22/2020: Approved Foreign Exchange Brokers

The Bank of Zambia has officially approved four foreign exchange brokers to operate within the country's interbank market. All commercial banks are mandated to conduct transactions exclusively with these designated entities in accordance with the Interbank Foreign Exchange Market Rules, effective August 24, 2020. The central bank will subsequently update the approved roster annually by January 31 or whenever operational adjustments are deemed necessary.

Zambia

Bank of Zambia

# BANK of ZAMBIA  
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS  

BOZ/EXEC/DGO/fmkts/bp  
August 12, 2020  

CB Circular No. : 22/2020  
To : All Heads of Commercial Banks  

## APPROVED FOREIGN EXCHANGE BROKERS

Reference is made to CB Circular No. 09/2020 dated March 24, 2020 on the above subject.

Commercial banks are hereby advised that the Bank of Zambia has approved the under listed foreign exchange brokers to operate in Zambia’s foreign exchange market:

1. Continental Capital;  
2. Emerging Markets NY;  
3. GFI African Money Market Brokers Limited; and  
4. ICAP Broking Services Limited.

In line with Section 9 of the *Interbank Foreign Exchange Market (IFEM) Rules*, all commercial banks are expected to comply by dealing only with approved foreign exchange brokers. Compliance is required effective August 24, 2020.

Going forward, the Bank of Zambia shall advise any changes to this list of approved foreign exchange brokers by January 31st of every year or as and when it is deemed necessary.

For further clarification, commercial banks are advised to contact the Bank of Zambia’s Financial Markets Department.

Francis Chipimo (PhD)  
DEPUTY GOVERNOR – OPERATIONS  

cc Governor

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Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel:+260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm