Regulatory Alerts1994-11-29
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Bank of Zambia Circular 15/1994 on Foreign Currency Transactions
The Bank of Zambia issued Circular 15/1994 to require strict monitoring of foreign currency transactions and enforce contractual compliance following reports of dealer misconduct. The central bank will actively supervise all foreign exchange operations to guarantee adherence to accepted banking practices. Commercial banks facing persistent breaches will face direct enforcement actions under the Bank of Zambia Act 1985.
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