Regulatory Alerts2012-01-01
Bank of Zambia Directives on Over the Counter Foreign Currency Cash Transactions
The Bank of Zambia issued CB Circular 19/2012 to amend CB Circular 6/2000 by removing the requirement for commercial banks to seek prior approval for over-the-counter foreign currency cash transactions exceeding US$5000 involving the Government and Government Agencies. Commercial banks are instructed to maintain vigilance, adhere to internal approval procedures, and verify transaction information, as these transactions remain subject to Bank of Zambia inspection. This exemption applies exclusively to the Government and Government Agencies, while parastatals continue to be subject to prior authorization requirements.
Share