Regulatory Alerts1994-11-30
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Bank of Zambia Circular 16/1994: Future of the Open General Licence System
The Bank of Zambia issued Circular 16/94 to phase out the Open General Licence (OGL) import financing system effective December 1, 1994. The central bank will replace the OGL with an inter-bank market dealing system where commercial banks process all import applications and source foreign exchange from the inter-bank market or the central bank's dealing window as needed. Commercial banks must comply with unchanged retention market rules and Pre-Shipment Inspection formalities while submitting daily foreign exchange transaction and exchange returns starting December 2, 1994.
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