Regulatory Alerts2014-01-01
Guidance Note 2 of 2014 – Over-the-Counter Foreign Currency Cash Transaction Limits with Commercial Banks
The Bank of Zambia has issued this guidance to clarify and enforce daily over-the-counter foreign currency cash transaction limits for bureaux de change operating with commercial banks. Bureaux de change must ensure their aggregate daily cash purchases and withdrawals do not exceed the lower of US$100,000 or 70 percent of their regulatory capital, with a baseline US$5,000 daily cap for those without operational accounts. Failure to comply with these prescribed limits constitutes an unsafe and unsound practice, subjecting non-compliant entities to potential supervisory actions under the Banking and Financial Services Act.
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