Regulatory Alerts2012-01-01
CB Circular No. 11/2012: Foreign Exchange Rate Margins
The Bank of Zambia mandates that all authorised foreign exchange dealers limit the spread between buying and selling rates to a maximum of 2%, inclusive of commissions and other charges. This directive, effective from July 30, 2012, requires dealers to display current trading rates and transact exclusively at those displayed prices to ensure market uniformity. Non-compliance is classified as an unsafe and unsound practice that may result in supervisory action under the Banking and Financial Services Act.
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