Regulatory Alerts2013-01-01
Revised Interbank Foreign Exchange Market (IFEM) Framework
The Bank of Zambia has revised the Interbank Foreign Exchange Market (IFEM) Framework in consultation with ACI Zambia and the Bankers Association of Zambia to strengthen the foreign exchange market. Key changes include increasing the two-way quote marketable amount to US$1.0 million, reducing the bid-ask spread to K0.01, mandating ACI qualifications for new front and back office personnel within six months, and imposing penalty charges for late settlement of US dollar and Kwacha transactions. These revisions and the attached framework take effect immediately, with the Bank reiterating the requirement for commercial banks to comply with the Foreign Exchange Market Code of Conduct.
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