Regulatory Alerts1996-01-01
Bank of Zambia Circular 12/1996: Reporting on Purpose of Foreign Exchange Purchases and Sales
The Bank of Zambia has amended its foreign exchange reporting forms to require authorized dealers and bureaux de change to record the country of residence for all over-the-counter transactions and the names of transactors for account-based or large enterprise deals. Financial institutions must additionally submit a monthly reconciliation statement detailing changes in their foreign currency positions against actual monthly transactions. These updated reporting requirements aim to enhance the accuracy of Zambia’s balance of payments statistics to support evidence-based economic policy formulation without implying regulatory investigations.
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