Regulatory Alerts2013-02-12
Added · Updated
NB Circular No. 2/2013 - Over the Counter Foreign Currency Cash Transactions Limit
The Bank of Zambia establishes new foreign exchange transaction limits for bureaux de change, effective immediately. Over-the-counter cash and travellers' cheques transactions with individuals are capped at the equivalent of US$1,000 per transaction per day, with a combined limit of US$1,000 if both are used. Transactions with commercial banks are limited to the lower of US$100,000 or 70 percent of regulatory capital for accounts held, and US$5,000 per transaction for accounts not held. Additionally, the daily open foreign exchange position must not exceed 50 percent of regulatory capital, and bureaux de change must issue official receipts with full customer details for every transaction.
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