Regulatory Alerts2001-11-06
Added · Updated
Revision of Penalties on Foreign Exchange Position and Placement Excesses
The Bank of Zambia issued Circular 26/2001 to amend its previous foreign exchange directive by reducing penalty rates for commercial banks' position and placement excesses. The correction explicitly lowers the applicable penalty from ten percent to zero point one percent under the specified regulatory paragraphs. Banks must immediately implement this revised rate to maintain compliance with the updated monetary authority guidelines.
BANK OF ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
November 6, 2001
CB Circular No. 26 /2001
TO : All Commercial Banks
Dear Sirs/Madam
REVISION OF PENALTIES ON FOREIGN EXCHANGE POSITION AND PLACEMENT EXCESSES
Reference is made to CB Circular No 25/2001 regarding the above-mentioned subject.
Kindly be advised that the second paragraph has been corrected to read as follows:
"By notice of this Circular, the Bank of Zambia hereby notifies all Commercial Banks of the reduction of penalty rates applicable as prescribed under Paragraph E of Part I and Paragraph C of Part II of the above mentioned circular from the current 10% to 0.1%."
Yours faithfully
Dr Abraham Mwenda
Deputy Governor – Operations
Bank square, Cairo Road, P O Box 30080, Lusaka, 10101, Tel: 260-1-226844, Fax: 260-1-237070, email: amwenda@boz.zm
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