Regulatory Alerts2013-01-01
Bank of Zambia Circular 08/2013 on Over-the-Counter Foreign Currency Cash Transaction Limits
The Bank of Zambia issued Circular 08/2013 to establish new limits for bureaux de change foreign exchange transactions effective immediately. The regulation caps daily over-the-counter cash and travellers' cheques transactions with individuals at US$1,000 and restricts aggregate daily transactions with commercial banks to the lower of US$100,000 or 70 percent of regulatory capital. Additionally, bureaux de change must maintain an open foreign exchange position not exceeding 50 percent of their regulatory capital and issue detailed official receipts for all transactions.
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