Regulatory Alerts2012-01-01
Bank of Zambia Circular 26/2012 on Cash Withdrawal of Rebased Currency by Commercial Banks
The Bank of Zambia issued Circular 26/2012 to authorize commercial banks to begin withdrawing rebased currency from its Head Office, Regional Offices, and Sub chests effective December 26, 2012. The directive mandates that banks submit withdrawal notices starting December 24, 2012, and strictly prohibits the release of this currency into circulation until it becomes legal tender on January 1, 2013. Additionally, the circular specifies standard withdrawal lot sizes for banknotes and coins and outlines payment mechanisms via Cash Advance Agreements or settlement accounts.
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