Regulatory Alerts2026-08-28
Added
External Operating Rules and Guidelines for Government Securities
The Bank of Zambia establishes operating rules for the primary issuance and secondary trading of Treasury bills and Government bonds, specifying eligibility for individuals, organizations, and corporate institutions. The document mandates minimum competitive bid amounts of K500,000 and non-competitive limits of K499,000, with a 1 percent handling fee applied to both instruments and a 15 percent withholding tax on income. It defines auction procedures, including single-price auctions for Treasury bills held fortnightly and Government bonds held monthly, alongside settlement timelines of T+4 and T+3 respectively. Rediscounting provisions are set for Treasury bills, with commercial banks limited to 10 percent of paid-up capital plus reserves and specific penalty rates applied to excess amounts.
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