Regulatory Alerts2001-01-01
Revision of Penalties on Foreign Exchange Position and Placement Excesses
The Bank of Zambia issued Circular 25/2001 to mandate an immediate reduction in penalty rates for foreign exchange position and placement excesses held by commercial banks. This directive lowers the applicable penalty from ten percent to one percent, replacing the rates previously established in March 2001. Institutions requiring further clarification are directed to contact the Director of Bank Supervision for operational guidance.
# BANK OF ZAMBIA
## OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
October 31, 2001
CB Circular No 25/2001
TO : All Commercial Banks
Dear Sirs/Madam
## REVISION OF PENALTIES ON FOREIGN EXCHANGE POSITION AND PLACEMENT EXCESSES
Reference is made to our CB Circular No 14/2001 dated March 19, 2001.
By notice of this Circular, the Bank of Zambia hereby notifies all Commercial Banks of the reduction of penalty rates applicable as prescribed under Paragraph E of Part I and Paragraph C of Part II of the above mentioned circular from the current 10% to 01%.
This reduction is with immediate effect.
Should you require further clarification, do not hesitate to contact the Director, Bank Supervision on the contact numbers 220921/225656.
Yours faithfully
Dr Abraham Mwenda
Deputy Governor - Operations
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Bank Square, Cairo Road, P.O Box 30080, Lusaka 10101, Zambia Tel: 260-1-226844, Fax: 260-1-237070, email: amwenda@boz.zm
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