Revision of Penalties on Foreign Exchange Position and Placement Excesses

The Bank of Zambia issued Circular 25/2001 to mandate an immediate reduction in penalty rates for foreign exchange position and placement excesses held by commercial banks. This directive lowers the applicable penalty from ten percent to one percent, replacing the rates previously established in March 2001. Institutions requiring further clarification are directed to contact the Director of Bank Supervision for operational guidance.

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BANK OF ZAMBIA

OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS

October 31, 2001

CB Circular No 25/2001

TO : All Commercial Banks

Dear Sirs/Madam

REVISION OF PENALTIES ON FOREIGN EXCHANGE POSITION AND PLACEMENT EXCESSES

Reference is made to our CB Circular No 14/2001 dated March 19, 2001.

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 01%.

This reduction is with immediate effect.

Should you require further clarification, do not hesitate to contact the Director, Bank Supervision on the contact numbers 220921/225656.

Yours faithfully

Dr Abraham Mwenda
Deputy Governor - Operations

Bank Square, Cairo Road, P.O Box 30080, Lusaka 10101, Zambia Tel: 260-1-226844, Fax: 260-1-237070, email: amwenda@boz.zm

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Timeline

Amended 1 time · last 2001-11-06

2001-11-06BOZRevision of Penalties on Foreign Exchange Position and Placement Excessesamends

This document amends: Bank of Zambia Circular 14/2001 on Foreign Exchange Risk Exposures, Placements and Transactions

Source: Bank of Zambia — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works