Regulatory Alerts2014-01-01
Cessation of Cash Exchange at Commercial Banks
The Bank of Zambia announced that the exchange of old currency for rebased notes at commercial banks officially ceased on 30 June 2014. Commercial banks must direct remaining public exchange requests to the Bank's Head Office in Lusaka and Regional Office in Ndola. The central bank will subsequently publish deposit dates for commercial banks and waive the standard bundling requirement of 500 notes when collections are insufficient.
BANK Of ZAMBIA OFFICE OF THE DEPUTY GOVERNOR - ADMINISTRA nON 30 June, 2014 CB Circular No 2112014 TO All Heads of Commercial Banks CEASATION OF CASH EXCHANGE AT COMMERCIAL BANKS - 30TH JUNE 2014 The Bank of Zambia wishes to advise that the exchange of old currency for the rebased currency at commercial banks will come to an end today, on so" June, 2014. In view of the above, commercial banks are advised to direct members of the public who may still wish to exchange old banknotes for the rebased currency to the Bank of Zambia Head Office in Lusaka and Regional Office in Ndola. In the meantime, the Bank of Zambia will advise dates on which individual commercial banks can deposit all old banknotes which they would have collected from the public by 30th June, 2014. Please note that the Bank of Zambia will waive the requirement to deposit in bundles of 500 banknotes in cases where there may be insufficient notes to form bundles. Dr1fu6~ula DEPUTY GOVERNOR - ADMINISTRATION Cc Governor Senior Director - Supervisory Policy Senior Director - Monetary Policy Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia. Tel: +260-211c229930 Fax: +260-211-222808 E-mail: tkmabula@boz.zm. Web: http://www.boz.zm