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ZAMBIA’S CENTRAL BANK INTRODUCES FOREX CONTROLS ON INDIVIDUAL TRANSACTIONS

THE Bank of Zambia has released a circular that has placed a restriction on individual foreign currency transactions at US$5,000.

Dated May 24th, 2021 and signed by Deputy Governor-Operations Francis Chipimo, the circular states that the aggregate over-the-counter foreign currency cash transactions of a bureau de change with an individual shall not exceed US$5,000 per day.

It adds that the aggregate over-the-counter foreign currency cash transactions of a bureau de change with commercial banks shall not exceed US$20,000 or 70% of its regulatory capital per day.

The circular further the new over-the-counter foreign currency cash transaction limits shall take place from June 1st, 2021, and shall be observed for a period of two months to 31st July 2021.

For over-the-counter foreign currency cash transactions of a commercial bank with an account holder, the circular notes that aggregate shall not exceed US$10,000.

It further notes the aggregate over-the-counter foreign currency cash transactions with an individual without a bank account do not exceed US$5,000.

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