Regulatory Alerts2013-03-07
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Bank of Zambia Circular 10/2013 on Engagement of Foreign Exchange Brokers
The Bank of Zambia issued Circular 10/2013 directing all commercial banks to immediately suspend the engagement of brokers for foreign currency transactions. This directive, effective until further notice, follows previous regulations outlined in CB Circular No: 04/2013. Banks seeking clarification on this suspension are instructed to contact the Director of the Bank Supervision Department.
BANK of ZAMBIA
DEPUTY GOVERNOR - OPERATIONS
March 7, 2013
CB Circular No: 10/2013
To: All Commercial Banks
ENGAGEMENT OF FOREIGN EXCHANGE BROKERS
Further to CB Circular No: 04/2013, Commercial Banks are directed to suspend the engagement of brokers in all foreign currency transactions. This measure is with immediate effect and shall remain in force until further notice.
For clarification, Commercial Banks may contact the Director – Bank Supervision Department.
P.P. Bwalya K. E. Ng’andu (Dr)
DEPUTY GOVERNOR - OPERATIONS
Bank Square, Cairo Road P.O. Box 30080, Lusaka, Zambia. Tel: +260-211-226844, 228888. Fax: +260-211-237070. E-mail: bngandu@boz.zm. http://boz.zm
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