Regulatory Alerts2026-08-28
Added
Operating Rules and Guidelines for Open Market Operations
The Bank of Zambia establishes procedures for open market operations to manage liquidity by withdrawing or supplying funds to commercial banks. Eligible instruments include Term Deposits, Repos, FX Swaps, and outright sales or purchases of government securities and foreign exchange, with a minimum bid amount of K100,000. Transactions are conducted electronically via the Central Securities Depository, with settlement occurring on a T+0 basis for most instruments and T+2 for FX Swaps. The guidelines define pricing mechanisms, allotment rules, margin maintenance thresholds, and specific penalty calculations for settlement or collateral defaults.
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