Regulatory Alerts2000-01-01
CB Circular 5/2000: Central Government Deposits in Commercial Banks
The Bank of Zambia, alongside the Ministry of Finance and Economic Development, has reclassified central government accounts into five categories to correct the overstatement of central government deposits in commercial banks. Commercial banks must consolidate ministry and department accounts into single monthly statements, submit detailed sub-account breakdowns, and report donor funds separately under Schedule 11. These revised reporting requirements take effect immediately, mandate supporting schedule submissions within five working days of month-end, and enforce penalties for inaccurate prudential returns.
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