Regulatory Alerts2003-06-30
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Bank of Zambia Determination of the Buying Rate
The Bank of Zambia issued Circular 10/2003 to announce a change in how its official foreign exchange buying rate is calculated. Effective July 1, 2003, the central bank will replace the previous marginal auction rate with the weighted average of all successful bids to align with the new interbank foreign exchange system. The existing 1.6 percent spread for the selling rate and the 1.1 to 2 percent spread between buying and selling rates will remain unchanged.
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