Region

Jurisdiction

Regulator

1994-01-01

Bank of Zambia Circular 17/1994: Suppliers Line of Credit, Letter of Credit Extensions, Part Shipments, and Maize Imports

The Bank of Zambia issued Circular 17/1994 to authorize commercial banks to process remittances under pre-existing suppliers lines of credit following the abolition of the Exchange Control system. The directive permits banks to approve extensions on letters of credit and handle requests for partial shipments without prior regulatory approval. Additionally, commercial banks may process maize export applications provided the Ministry of Agriculture has issued a permit specifying the authorized export quantity.

Zambia

Bank of Zambia

GENERAL MANAGER

BANK OF ZAMBIA  
P.O. Box 30080 Lusaka  
Tel: 221908/228912

7 December 1994

C B Circular No. 17/94

To : All Commercial Banks

Dear Sirs

SUPPLIERS LINE OF CREDIT, EXTENSIONS AND LETTERS  
OF CREDIT AND PART SHIPMENTS AND MAIZE IMPORTS

Following C B Circular No. 16/94 dated 30th November 1994,  
which phased out the OGL system, commercial banks are hereby  
advised that they have the authority to:

1. Process remittances under suppliers line of credit  
   granted by Bank of Zambia prior to the abolition of  
   Exchange Control.

2. Process extensions on letters of credit and requests  
   for part shipment.

3. Process applications for maize exports where Ministry  
   of Agriculture has granted an export permit specifying  
   the quantity allowed.

Yours faithfully

G B MBULO  
GENERAL MANAGER