Regulatory Alerts2021-05-24
Added · Updated
Bank of Zambia Circular 02/2021 on Over-the-Counter Foreign Currency Cash Transaction Limits
The Bank of Zambia issued Circular 02/2021 to establish new daily over-the-counter foreign currency cash transaction limits for bureaux de change and commercial banks, effective 1 June 2021. Bureaux de change may transact up to US$20,000 or 70 percent of their regulatory capital daily with commercial banks and US$5,000 daily with individuals, while commercial banks are capped at US$10,000 for account holders and US$5,000 for non-account holders. The regulator will monitor compliance through a two-month observation period ending 31 July 2021 and enforce a daily open foreign exchange position limit of 50 percent of regulatory capital for bureaux de change.
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