RegAlertRule · BOZ · 16 May 1996
Bank of Zambia Circular 8/1996: Foreign Exchange Delivery Commitment
The Bank of Zambia mandates all commercial banks to strictly honor foreign exchange delivery commitments on appointed value dates. Citing recent complaints about undelivered currency as a breach of regulatory standards and market trust, the central bank warns that such failures undermine financial market development. Any institution persisting in disorderly conduct or failing to deliver foreign exchange to the central bank or peer banks will face severe penalties.
Tel. 228888/228903-20
BANK OF ZAMBIA
P.O. Box 30080 Lusaka
10101
16 May 1996
CB Circular No. 8/96
TO : ALL COMMERCIAL BANKS
Dear Sirs
FOREIGN EXCHANGE DELIVERY COMMITMENT
Your attention is drawn to circular NO. 15/94 dated 29th November 1994 in which all Commercial Banks were urged to adhere to delivery commitments in respect of foreign exchange transactions. The Bank of Zambia is in receipt of complaints from some market participants were foreign exchange has not been delivered on the appointed value date. This represents a breach of regulations and trust and may undermine the development of the market. We are keen to see fair trading in the Financial Market with institutions dealing within the norms of market dictates.
You are all therefore implored to honour the commitments of all the transactions entered into, whether with the Central Bank or with other Commercial Banks. Any institution which persist with disorderly conduct will be liable to severe penalties.
DR S MUSOKOTWANE
ACTING DEPUTY GOVERNOR
/bmm
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“Your attention is drawn to circular NO. 15/94 dated 29th November 1994 in which all Commercial Banks were urged to adhere to delivery commitments in respect of foreign exchange transactions.”
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