Regulatory Alerts2023-01-01
Bank of Zambia Circular No. 05 of 2023: Revision of the Weekly Interest Rate Template
The Bank of Zambia has revised its weekly interest rate reporting template to better reflect current market financial products. Commercial banks must now submit exhaustive data for Kwacha and foreign currency deposits, savings, and loans, capturing product details, weighted lending rates, and the top three client-preferred options. The revised template takes effect on March 14, 2023, while maintaining the existing Wednesday submission schedule.
[Image of Bank of Zambia logo]
Bank of Zambia OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
BOZ/EXEC/DGO/ecd/bp
March 7, 2023
CB Circular No. : 05/2023
To : All Heads of Commercial Banks
REVISION OF THE WEEKLY INTEREST RATE TEMPLATE
Reference is made to CB Circular Number 09/13 dated January 14, 2013, regarding the Calendar for Submission of Interest Rates, Government Accounts Balances, Annual Number of Borrowers and Depositors in Commercial Banks by Province and Annual Employment in Banks by Occupational Category.
Following a consultative review process with all commercial banks, the reporting template for interest rate data has been revised to reflect the current financial products offered on the market. To this effect, the current reporting template is withdrawn and replaced by the revised version as attached. The new template is effective Tuesday, March 14, 2023, and the schedule for submission remains unchanged i.e., by Wednesday of each week.
[Signature]
Francis Chipimo (PhD) DEPUTY GOVERNOR – OPERATIONS
cc Governor
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel:+260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm
WEEKLY DEPOSIT INTEREST RATES TEMPLATE
| KWACHA DEPOSITS | |||||
|---|---|---|---|---|---|
| Product No. | Name of Deposit Product | Tenor (Months) | Minimum Amount | Maximum Amount | Interest Rate (%) |
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 |
*Please note that the number of products to be listed must be exhaustive and not limited to 5
Of the Kwacha deposit products listed above, which are the three most preferred by your clients?
| Product Ranking | Name of Deposit Product | Tenor (Months) | Minimum Amount | Maximum Amount | Interest Rate (%) |
|---|---|---|---|---|---|
| 1 | |||||
| 2 | |||||
| 3 |
| FOREIGN DEPOSITS | |||||
|---|---|---|---|---|---|
| Product No. | Name of Deposit Product | Tenor (Months) | Minimum Amount (US$ equivalent) | Maximum Amount (US$ equivalent) | Interest Rate (%) |
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 |
*Please note that the number of products to be listed must be exhaustive and not limited to 5
Of the Kwacha deposit products listed above, which are the three most preferred by your clients?
| Product Ranking | Name of Deposit Product | Tenor (Months) | Minimum Amount (US$ equivalent) | Maximum Amount (US$ equivalent) | Interest Rate (%) |
|---|---|---|---|---|---|
| 1 | |||||
| 2 | |||||
| 3 |
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel:+260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm
WEEKLY SAVINGS INTEREST RATES TEMPLATE
| KWACHA SAVINGS | |||||
|---|---|---|---|---|---|
| Product No. | Name of Savings Product | Tenor (Months) | Minimum Amount | Maximum Amount | Interest Rate (%) |
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 |
*Please note that the number of products to be listed must be exhaustive and not limited to 5
Of the Kwacha savings products listed above, which are the three most preferred by your clients?
| Product Ranking | Name of Savings Product | Tenor (Months) | Minimum Amount | Maximum Amount | Interest Rate (%) |
|---|---|---|---|---|---|
| 1 | |||||
| 2 | |||||
| 3 |
| FOREIGN SAVINGS | |||||
|---|---|---|---|---|---|
| Product No. | Name of Savings Product | Tenor (Months) | Minimum Amount (US$ equivalent) | Maximum Amount (US$ equivalent) | Interest Rate (%) |
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 |
*Please note that the number of products to be listed must be exhaustive and not limited to 5
Of the foreign currency savings products listed above, which are the three most preferred by your clients?
| Product Rank | Name of Savings Product | Tenor (Months) | Minimum Amount (US$ equivalent) | Maximum Amount (US$ equivalent) | Interest Rate (%) |
|---|---|---|---|---|---|
| 1 | |||||
| 2 | |||||
| 3 |
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel:+260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm
WEEKLY LOANS INTEREST RATES TEMPLATE
| KWACHA LOANS | |||||
|---|---|---|---|---|---|
| Kwacha Weighted lending Rate (%) | |||||
| Product No. | Name of Loan Product | Tenor (Months) | Minimum Amount | Maximum Amount | Interest Rate (%) |
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 |
*Please note that the number of products to be listed must be exhaustive and not limited to 5 **Please provide the weighted lending rate
Of the Kwacha loan products listed above, which are the three most preferred by your clients?
| Product Ranking | Name of Loan Product | Tenor (Months) | Minimum Amount | Maximum Amount | Interest Rate (%) |
|---|---|---|---|---|---|
| 1 | |||||
| 2 | |||||
| 3 |
| FOREX LOANS | |||||
|---|---|---|---|---|---|
| Forex Weighted lending Rate (%) | |||||
| Product No. | Name of Loan Product | Tenor (Months) | Minimum Amount (US$ equivalent) | Maximum Amount (US$ equivalent) | Interest Rate (%) |
| 1 | |||||
| 2 | |||||
| 3 | |||||
| 4 | |||||
| 5 |
*Please note that the number of products to be listed must be exhaustive and not limited to 5 **Please provide the weighted lending rate
Of the foreign currency loan products listed above, which are the three most preferred by your clients?
| Product Ranking | Name of Loan Product | Tenor (Months) | Minimum Amount (US$ equivalent) | Maximum Amount (US$ equivalent) | Interest Rate (%) |
|---|---|---|---|---|---|
| 1 | |||||
| 2 | |||||
| 3 |
Bank Square, Cairo Road, P.O. Box 30080, Lusaka, Zambia Tel:+260-211-399303, 399300, E-mail: dgo@boz.zm. Web: http://www.boz.zm