Regulatory Alerts2001-01-12
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CB Circular 03/2001: Operations of Treasury Bills and Bonds Pledged Under the Zambia Electronic Clearing House Limited
The Bank of Zambia issued Circular 03/2001 to update collateral management procedures following the transition to the Zambia Electronic Clearing House (ZECH). Commercial banks are now directly responsible for managing, releasing, and replacing pledged Treasury bills and bonds for ZECH operations. The central bank will credit maturity proceeds to cash collateral accounts and release funds to commercial banks only upon verification of equivalent replacement securities, requiring banks to rediscount Treasury bills if they fail to replace collateral and overdraw their accounts.
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