Regulatory Alerts2012-11-16
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Bank of Zambia Circular 20/2012 on Operation of Foreign Currency Accounts
The Bank of Zambia issued Circular 20/2012 to revise the operational mode of foreign currency accounts held locally within the country. The directive prohibits commercial banks from facilitating transfers of funds between foreign currency accounts, whether within the same bank or between different banks, with immediate effect. Permitted uses are strictly limited to international transactions, deposits or withdrawals, currency exchange at market rates, and specific inter-account or interbank transfers for customers holding multiple accounts.
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